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The decentralised central bank: regional bank rate autonomy in Norway, 1850-1892

Author

Listed:
  • Jan Tore Klovland

    () (Norwegian School of Economics and Norges Bank)

  • Lars Fredrik Øksendal

    () (Norges Bank and Norwegian School of Economics)

Abstract

Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headquarters of the bank was in Trondhjem, we find that the Christiania branch played the key role in providing leadership in bank rate policy. Foreign interest rate impulses were important for bank rate decisions, but there was also some leeway for responding to idiosyncratic shocks facing the Norwegian economy.

Suggested Citation

  • Jan Tore Klovland & Lars Fredrik Øksendal, 2015. "The decentralised central bank: regional bank rate autonomy in Norway, 1850-1892," Working Paper 2015/20, Norges Bank.
  • Handle: RePEc:bno:worpap:2015_20
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    File URL: http://www.norges-bank.no/en/Published/Papers/Working-Papers/2015/202015/
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    More about this item

    Keywords

    bank rate; gold standard; monetary policy;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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