International Co-movements of Inflation, 1851-1913

Arbeitspapier

We study co-movements of inflation in a group of 15 countries before and during the classical Gold Standard by fitting a generalisation of the Ciccarelli-Mojon (2010) model on annual data spanning 1851-1913. We find that international inflation functions as an "attractor" for domestic inflation rates. The cross-sectional dispersion of inflation declined gradually over the sample and Bai-Perron tests for structural breaks at unknown points in time suggest that there are breaks in six of reduced-form inflation equations. However, sub-sample estimates indicate that the overall finding that international inflation is an important influence on domestic inflation.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IRENE Working Paper ; No. 21-02

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: international inflation ; Gold standard ; principal components ; factor analysis

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/10419/238297
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ