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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IRENE Working Paper ; No. 21-07

Classification and Topics

• Classification: 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
• Subject: Commodity prices ; Gold standard ; global inflation ; pig iron

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Gerlach, Stefan ; Stuart, Rebecca
• Event: Veröffentlichung
• (who): University of Neuchâtel, Institute of Economic Research (IRENE)
• (where): Neuchâtel
• (when): 2021

Further information

• Handle: http://hdl.handle.net/10419/265174
• Last update: 10.03.2025, 11:44 AM CET