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Challenges for the construction of historical price indices: The case of Norway, 1777-1920

  • Klovland, Jan Tore

    ()

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

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    This paper reviews some methodological and practical problems encountered in the construction of historical price indices. The underlying data sets in such studies are often characterized by heterogenous and incomplete price series. It is shown that by using the repeat sales method for constructing the subindices for individual commodity groups some of the main problems can be overcome. The procedures are illustrated by material from the construction of monthly price indices for Norway from the year 1777 to 1920. The price indices shed new light on two great wartime in ationary episodes in Norway: 1807-1817 and 1913-1920. In spite of a 61-fold increase in the price level in the rst period and a 4-fold increase in the second, it is found that, after in ation had been brought under control, prices reverted to a level consistent with the purchasing power parity principle.

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    Paper provided by Department of Economics, Norwegian School of Economics in its series Discussion Paper Series in Economics with number 5/2014.

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    Length: 34 pages
    Date of creation: 05 Mar 2014
    Date of revision:
    Handle: RePEc:hhs:nhheco:2014_005
    Contact details of provider: Postal: NHH, Department of Economics, Helleveien 30, N-5045 Bergen, Norway
    Phone: +47 55 959 277
    Fax: 5595 9100
    Web page: http://www.nhh.no/sam/
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    1. Alan M. Taylor, 2000. "A Century of Purchasing-Power Parity," NBER Working Papers 8012, National Bureau of Economic Research, Inc.
    2. Hali J. Edison & Jan Tore Klovland, 1983. "A quantitative reassessment of the purchasing power parity hypothesis : evidence from Norway and the United Kingdom," International Finance Discussion Papers 231, Board of Governors of the Federal Reserve System (U.S.).
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    5. Kenneth A. Froot & Kenneth Rogoff, 1994. "Perspectives on PPP and Long-Run Real Exchange Rates," NBER Working Papers 4952, National Bureau of Economic Research, Inc.
    6. Peter M. Solar & Jan Tore Klovland, 2011. "New series for agricultural prices in London, 1770–1914," Economic History Review, Economic History Society, vol. 64(1), pages 72-87, February.
    7. zmucur, S leyman & Pamuk, Sevket, 2002. "Real Wages And Standards Of Living In The Ottoman Empire, 1489 1914," The Journal of Economic History, Cambridge University Press, vol. 62(02), pages 293-321, June.
    8. Klovland, Jan T., 1998. "Monetary policy and business cycles in the interwar years: The Scandinavian experience," European Review of Economic History, Cambridge University Press, vol. 2(03), pages 309-344, December.
    9. Hoover, Ethel D., 1958. "Wholesale and Retail Prices in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 18(03), pages 298-316, September.
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    11. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133, March.
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    13. Frankel, Jeffrey A., 1982. "The 1807–1809 Embargo Against Great Britain," The Journal of Economic History, Cambridge University Press, vol. 42(02), pages 291-308, June.
    14. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
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    16. Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
    17. Federico, Giovanni, 2011. "When did European markets integrate?," European Review of Economic History, Cambridge University Press, vol. 15(01), pages 93-126, April.
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