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Contributions to a history of prices in Norway: Monthly price indices, 1777-1920

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  • Jan Tore Klovland

    ()
    (Norwegian School of Economics (NHH))

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    Abstract

    This study reports the outcome of an effort to collect market price data for Norway with a view to constructing monthly price indices from the year 1777 to 1920. The material covers data on commodity prices from agriculture, shery, dairying, manufacturing and mining. Indices of the wholesale and producer price index families are constructed, using the repeat sales method for constructing the underlying price series. Separate indices for commodity exports and imports are also presented. The new wholesale price index, as well as the export and import price indices, are linked to existing price indices after 1920 and brought forward to the end of 1940. The price indices shed new light on two great wartime inflationary episodes in Norway: 1807-1817 and 1913-1920. In spite of a 61-fold increase in the price level in the first period and a 4-fold increase in the second, it is found that, after inflation had been brought under control, prices reverted to a level consistent with the purchasing power parity principle.

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    File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2013/WP-201323/
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    Bibliographic Info

    Paper provided by Norges Bank in its series Working Paper with number 2013/23.

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    Length: 90 pages
    Date of creation: 03 Oct 2013
    Date of revision:
    Handle: RePEc:bno:worpap:2013_23

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    Keywords: Price index; Price history; Purchasing power parity;

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