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Exchange Rates, Tariffs and Prices in 1930s' Britain

Author

Listed:
  • Chadha, J. S.
  • Lennard, J.
  • Solomou, S.
  • Thomas, R.

Abstract

This paper investigates the degree of pass-through from import prices and tariffs to wholesale prices in interwar Britain using a new high-frequency micro data set. The main results are: (i) Pass-through from import prices and tariffs to wholesale prices was economically and statistically significant. (ii) Despite devaluation, import prices exacerbated deflation in the early 1930s because of the global slump in export prices. (iii) Rising protection, however, was a mild stimulus to prices during the shift to inflation.

Suggested Citation

  • Chadha, J. S. & Lennard, J. & Solomou, S. & Thomas, R., 2023. "Exchange Rates, Tariffs and Prices in 1930s' Britain," Cambridge Working Papers in Economics 2319, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:2319
    Note: ss19, jsc38
    as

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    File URL: https://www.econ.cam.ac.uk/research-files/repec/cam/pdf/cwpe2319.pdf
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    References listed on IDEAS

    as
    1. Thilo N. H. Albers, 2020. "Currency devaluations and beggar‐my‐neighbour penalties: evidence from the 1930s," Economic History Review, Economic History Society, vol. 73(1), pages 233-257, February.
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    More about this item

    Keywords

    Exchange rates; interwar; pass-through; prices; tariffs; United Kingdom;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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