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

  • Klovland, Jan Tore


    (Dept. of Economics, Norwegian School of Economics and Business Administration)

  • Øksendal, Lars Fredrik


    (Dept. of Economics, Norwegian School of Economics and Business Administration)

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    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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    Paper provided by Department of Economics, Norwegian School of Economics in its series Discussion Paper Series in Economics with number 6/2013.

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    Length: 27 pages
    Date of creation: 11 Mar 2013
    Date of revision:
    Handle: RePEc:hhs:nhheco:2013_006
    Contact details of provider: Postal: NHH, Department of Economics, Helleveien 30, N-5045 Bergen, Norway
    Phone: +47 55 959 277
    Fax: 5595 9100
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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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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