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Monetary Policy in the Nordic Countries during the Classical Gold Standard Period: The Wicksellian View

In: The Gold Standard Peripheries

Author

Listed:
  • Concepciôn García-Iglesias
  • Juha Kilponen

Abstract

In his article ‘The Influence of the Rate of Interest on Prices’, Economic Journal XVII (1907), Knut Wicksell argued that the variations in price level during the classical gold standard were not primarily due to variations in gold supply but, rather, to the interest rate policies followed by the central banks (i.e. discount rate adjustment), and the real disturbances affecting the natural rate of interest. According to Wicksell, price stability required keeping the interest rate controlled by the central bank in line with the natural rate of interest determined by factors outside the control of the central bank.

Suggested Citation

  • Concepciôn García-Iglesias & Juha Kilponen, 2012. "Monetary Policy in the Nordic Countries during the Classical Gold Standard Period: The Wicksellian View," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Anders Ögren & Lars Fredrik Øksendal (ed.), The Gold Standard Peripheries, chapter 5, pages 81-103, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-36231-4_5
    DOI: 10.1057/9780230362314_5
    as

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