Effective Exchange Rates, 1879-1913
This paper constructs nominal and real multilateral effective exchange rates for Britain, France, Germany and the US during the period of the classical Gold Standard, 1879- 1913. The new data indicate that the major industrial countries saw trend variations in their nominal effective rates, which appear to have been stochastic in nature, and to have reflected a significant amount of trade with non-gold countries. The behaviour of nominal effective rates suggests the existence of common trend patterns across the industrial countries, reflecting similar trading structures in the pre-1914 period. In contrast, the movements of the real effective rates reflect national-specific influences.
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