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Bagehot for beginners: the making of lender‐of‐last‐resort operations in the mid‐nineteenth century

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  • VINCENT BIGNON
  • MARC FLANDREAU
  • STEFANO UGOLINI

Abstract

According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same direction in the short run. The present paper investigates the historical co-movements of output and prices for a small open raw material based economy, in this case Norway 1830-2006. We find little evidence of a positive relationship. On the contrary, we rather find negative correlations between the two variables, indicating that supply side shocks through the foreign sector were more important for historical business cycles in Norway than assumed hitherto.

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File URL: http://hdl.handle.net/10.1111/j.1468-0289.2011.00606.x
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Bibliographic Info

Article provided by Economic History Society in its journal The Economic History Review.

Volume (Year): 65 (2012)
Issue (Month): 2 (05)
Pages: 580-608

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Handle: RePEc:bla:ehsrev:v:65:y:2012:i:2:p:580-608

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Cited by:
  1. Marc Flandreau, 2011. "Panel Statement - No Bagehot - historical perspectives on central bank policies during the sub-prime crisis," Chapters, European Central Bank.
  2. Eugene White & Pierre-Cyrille Hautcoeur & Angelo Riva, 2014. "Floating A “Lifeboat”: The Banque De France And The Crisis Of 1889," Departmental Working Papers 201405, Rutgers University, Department of Economics.
  3. Dimitrios Bisias & Mark Flood & Andrew W. Lo & Stavros Valavanis, 2012. "A Survey of Systemic Risk Analytics," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 255-296, October.
  4. Rodríguez Braun, Carlos, 2014. "La banca y las crisis financieras en la literatura popular: Una fortuna peligrosa, de Ken Follett /Banking and Financial Crises in Popular Literature: A Dangerous Fortune, by Ken Follett," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 32, pages 201-222, Enero.

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