Exchange Rates, Tariffs and Prices in 1930s’ Britain

Jagjit Chadha, Jason Lennard, Solomos Solomou and Ryland Thomas

No 17892, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper investigates the degree of pass-through from import prices and tariffs to wholesale prices in interwar Britain using a new high-frequency micro data set. The main results are: (i) Pass-through from import prices and tariffs to wholesale prices was economically and statistically significant. (ii) Despite devaluation, import prices exacerbated deflation in the early 1930s because of the global slump in export prices. (iii) Rising protection, however, was a mild stimulus to prices during the shift to inflation.

Keywords: Exchange; rates (search for similar items in EconPapers)
JEL-codes: E31 F13 N14 (search for similar items in EconPapers)
Date: 2023-02
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Working Paper: Exchange Rates, Tariffs and Prices in 1930s' Britain (2023)
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