Abstract
Abstract We study inflation in a group of 15 countries before and during the classical Gold Standard using annual data spanning 1851–1913. The degree of co-movements between domestic and international inflation depends on geographical remoteness and openness to trade. Furthermore, international inflation acts as an ‘attractor’ for domestic inflation. Sub-sample estimates reveal little evidence of instability implying that international inflation was an important influence on domestic inflation throughout this time period.
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