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Price stability and inflation persistence during the international gold standard: The Scandinavian case

  • Ola Grytten


    (Norwegian School of Economics and Business Administration (NHH))

  • Arngrim Hunnes


    (University of Agder (UiA))

In the 1870s the three Scandinavian countries Denmark, Norway and Sweden formed the Scandinavian Currency Union. Both the adoption of gold and the monetary union were supposed to lead to price stability in and between these countries. By drawing on new indices of consumer prices the present paper offers an examination of inflation dynamics, defined as price stability and inflation persistence, in the periphery of Scandinavia during the heyday of the international gold standard.

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Paper provided by Norges Bank in its series Working Paper with number 2009/20.

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Length: 31 pages
Date of creation: 11 Nov 2009
Date of revision:
Handle: RePEc:bno:worpap:2009_20
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  1. Tamim Bayoumi & Barry J. Eichengreen, 1995. "The Stability of the Gold Standard and the Evolution of the International Monetary System," IMF Working Papers 95/89, International Monetary Fund.
  2. Nicoletta Batini & Edward Nelson, 2001. "The Lag from Monetary Policy Actions to Inflation: Friedman Revisited," Discussion Papers 06, Monetary Policy Committee Unit, Bank of England.
  3. Luca Benati, 2008. "Investigating Inflation Persistence Across Monetary Regimes," The Quarterly Journal of Economics, MIT Press, vol. 123(3), pages 1005-1060, August.
  4. Andrews, Donald W K & Chen, Hong-Yuan, 1994. "Approximately Median-Unbiased Estimation of Autoregressive Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(2), pages 187-204, April.
  5. Klovland, Jan T., 1998. "Monetary policy and business cycles in the interwar years: The Scandinavian experience," European Review of Economic History, Cambridge University Press, vol. 2(03), pages 309-344, December.
  6. Talia, Krim, 2004. "Scandinavian Monetary Integration During the 19th Century: A Study of the Establishment of the Scandinavian Currency Union,1865-1875," SSE/EFI Working Paper Series in Economics and Finance 606, Stockholm School of Economics.
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