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Measuring inflation expectations in interwar Britain
- Publication Year :
- 2023
- Publisher :
- Wiley, 2023.
-
Abstract
- What caused the recovery from the British Great Depression? A leading explanation – the ‘expectations channel’ – suggests that a shift in expected inflation lowered real interest rates and stimulated consumption and investment. However, few studies have measured, or tested the economic consequences of, inflation expectations. In this paper, we collect high‐frequency information from primary and secondary sources to measure expected inflation in the United Kingdom between the wars. A high‐frequency vector autoregression suggests that inflation expectations were an important source of the early stages of economic recovery in interwar Britain.
- Subjects :
- Economics and Econometrics
History
Polymers and Plastics
economic history
38 Economics
HC Economic History and Conditions
Great Depression
N14
Industrial and Manufacturing Engineering
E60
3802 Econometrics
ddc:330
3803 Economic Theory
Business and International Management
E30
policy regime change
Subjects
Details
- Database :
- OpenAIRE
- Accession number :
- edsair.doi.dedup.....cf046ebde7886b3e58ae32e4df07ff44