Commodity prices and global inflation, 1851-1913

Arbeitspapier

This paper uses annual data to study the interaction of consumer and commodity prices in 15 economies over the period 1850-1913. We find that consumer price inflation in all 15 countries co-moves with a broad measure of changes in commodity prices. Consumer prices comove most strongly with changes in metal prices, in particular pig iron prices. Furthermore, changes in pig iron prices and production, which have attracted much attention in the literature on 19th century US business cycles, co-move with the international business cycle, suggesting that pig iron prices offer a transmission channel through which international business cycle movements affect inflation.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IRENE Working Paper ; No. 21-07

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Price Level; Inflation; Deflation ; Macroeconomic Aspects of International Trade and Finance: General ; Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative
• Thema: Commodity prices ; Gold standard ; global inflation ; pig iron

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Gerlach, Stefan ; Stuart, Rebecca
• Ereignis: Veröffentlichung
• (wer): University of Neuchâtel, Institute of Economic Research (IRENE)
• (wo): Neuchâtel
• (wann): 2021

Weitere Informationen

• Handle: http://hdl.handle.net/10419/265174
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ