Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard

Principal Investigator(s):  View help for Principal Investigator(s) Jason Lennard

Version:  View help for Version V2

Name File Type Size Last Modified
factor_data.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 39.9 KB 10/02/2017 12:02:PM
factor_model.do text/x-stata-syntax 570 bytes 07/09/2017 06:48:AM
first_stage.do text/x-stata-syntax 5.1 KB 06/29/2017 01:47:AM
first_stage.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 286.6 KB 06/29/2017 01:51:AM
granger_causality.do text/x-stata-syntax 767 bytes 07/09/2017 06:51:AM
irf.wf1 application/octet-stream 542.5 KB 06/29/2017 01:55:AM
local_projections.do text/x-stata-syntax 2.8 KB 06/22/2017 06:30:AM
readme.pdf application/pdf 33.9 KB 06/29/2017 02:25:AM
second_stage.wf1 application/octet-stream 999.4 KB 10/02/2017 11:56:AM
second_stage.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 83.6 KB 06/26/2017 03:05:AM

Project Citation: 

Lennard, Jason. Did Monetary Policy Matter? Narrative Evidence from the Classical Gold Standard. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2017-10-03. https://doi.org/10.3886/E101006V2

Project Description

Summary:  View help for Summary This paper investigates the causal effects of monetary policy on the British economy during the classical gold standard. Based on the narrative identification approach, I find that following a one percentage point monetary tightening, unemployment rose by 0.9 percentage points, while inflation fell by 3.1 percentage points. In addition, monetary policy shocks accounted for a third of macroeconomic volatility.
Funding Sources:  View help for Funding Sources Jan Wallander and Tom Hedelius Foundation

Scope of Project

Subject Terms:  View help for Subject Terms business cycles; gold standard; monetary policy; narrative identification
Geographic Coverage:  View help for Geographic Coverage United Kingdom
Time Period(s):  View help for Time Period(s) 1890 – 1913


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Published Versions

V2 [2017-10-03]

V1 [2017-10-02]

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