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Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999 / Michael D. Bordo, Michael J. Dueker, David C. Wheelock.
- Format:
- Book
- Author/Creator:
- Bordo, Michael D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8583.
- NBER working paper series no. w8583
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Aggregate Price Shocks and Financial Stability
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find that price level shocks contributed significantly to financial instability during 1820-1931, and that inflation rate shocks contributed to instability during 1972-99. Both the nature of aggregate price shocks and their impact depend on the existing monetary and financial regime, but price shocks historically have been a source of financial instability.
- Notes:
- Print version record
- November 2001.
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