UK INFLATION DYNAMICS SINCE THE THIRTEENTH CENTURY

• Published in: International economic review (Philadelphia) Vol. 64; no. 4; pp. 1595 - 1614
• Main Authors: Nason, James M., Smith, Gregor W.
• Format: Journal Article
• Language: English
• Published: Philadelphia Blackwell Publishing Ltd 01.11.2023
• Subjects: 13th century; 20th century; Economic theory; Historians; Inflation; Interest rates; Revolutions; Stochasticity

Abstract Historians have suggested that there were waves of inflation or price revolutions in the United Kingdom (and earlier England) in the 13th, 16th, and 18th centuries, prior to the ongoing inflation since 1935. We study retail price inflation since 1251 and model its dynamics. The model is an...