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Exchange Rates, Tariffs and Prices in 1930s’ Britain

Author

Listed:
  • Lennard, Jason
  • Chadha, Jagjit S
  • Solomou, Solomos
  • Thomas, Ryland

Abstract

This paper investigates the degree of pass-through from import prices and tariffs to wholesale prices in interwar Britain using a new high-frequency micro data set. The main results are: (i) Pass-through from import prices and tariffs to wholesale prices was economically and statistically significant. (ii) Despite devaluation, import prices exacerbated deflation in the early 1930s because of the global slump in export prices. (iii) Rising protection, however, was a mild stimulus to prices during the shift to inflation.

Suggested Citation

  • Lennard, Jason & Chadha, Jagjit S & Solomou, Solomos & Thomas, Ryland, 2023. "Exchange Rates, Tariffs and Prices in 1930s’ Britain," CEPR Discussion Papers 17892, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17892
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    More about this item

    Keywords

    Exchange rates;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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