The decentralised central bank: regional bank rate autonomy in Norway, 1850-1892
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.
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- Marc Flandreau & Stefano Ugolini, 2011.
"Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866,"
2011/03, Norges Bank.
- Marc Flandreau & Stefano Ugolini, 2011. "Where It All Began: Lending of Last Resort and the Bank of England During the Overend, Gurney Panic of 1866," Working Papers 0007, European Historical Economics Society (EHES).
- Flandreau, Marc & Ugolini, Stefano, 2011. "Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866," CEPR Discussion Papers 8362, C.E.P.R. Discussion Papers.
- Marc Flandreau, Stefano Ugolini, 2011. "Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866," IHEID Working Papers 04-2011, Economics Section, The Graduate Institute of International Studies.
- Stefano Ugolini, 2010.
"The Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s,"
2010/22, Norges Bank.
- Stefano Ugolini, 2012. "The origins of foreign exchange policy: the National Bank of Belgium and the quest for monetary independence in the 1850s," European Review of Economic History, Oxford University Press, vol. 16(1), pages 51-73, February.
- Bordo, Michael D. & Rockoff, Hugh, 1996.
"The Gold Standard as a “Good Housekeeping Seal of Approval”,"
The Journal of Economic History,
Cambridge University Press, vol. 56(02), pages 389-428, June.
- Hugh Rockoff & Michael D. Bordo, 1996. "The Gold Standard as a "Good Housekeeping Seal of Approval"," Departmental Working Papers 199528, Rutgers University, Department of Economics.
- Michael D. Bordo, 1995. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
- Stefaano Ugolini, 2012. "The Bank of England as the World gold market-maker during the Classical gold standard era, 1889-1910," Working Paper 2012/15, Norges Bank.
- Bordo, Michael D. & MacDonald, Ronald, 2005. "Interest rate interactions in the classical gold standard, 1880-1914: was there any monetary independence?," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 307-327, March.
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