Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/210087
Authors: 
Klovland, Jan Tore
Øksendal, Lars Fredrik
Year of Publication: 
2015
Series/Report no.: 
Working Paper No. 20/2015
Publisher: 
Norges Bank, Oslo
Abstract: 
Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headquarters of the bank was in Trondhjem, we find that the Christiania branch played the key role in providing leadership in bank rate policy. Foreign interest rate impulses were important for bank rate decisions, but there was also some leeway for responding to idiosyncratic shocks facing the Norwegian economy.
Subjects: 
bank rate
gold standard
monetary policy
JEL: 
E58
N23
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-887-9
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Document Type: 
Working Paper
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