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4. Concluding remarks So far, no Danish CPI has been available for the period prior to 1815. This paper has offered a new consumer price index for Denmark 1502-2007. For the post-1815 period the index is based on existing CPI figures whereas new data has been constructed for the pre-1815 period.

For the earliest years 1502-1712 the new CPI covers only the price of corn, whereas the period 1712-1800 is based on the comprehensive price material collected in relation to the Danish Price History Project 1660-1800, which was completed in 2004.

If one define price stability as an inflation rate around 2 per cent per annum, or lower, the past five centuries in Denmark has been dominated by price stability. The average inflation rate in the period 1503-2007 has been 1.7 per cent per annum. Disregarding actual war periods there seems only to have been one major exception from the overall picture of stability: The first four decades after the end of the Second World War where inflation expectations lost their anchor.

5. References Allen, R. C. (2001), The Great Divergence in European Wages and Prices from the Middle Ages to the First World War, Explorations in Economic History, Vol. 38, pp. 411–447.

Andersen, D. A. & Pedersen, E. H. (2004), A History of Prices and Wages in Denmark 1660Volume II: Prices and Wages in Danish Estate Accounts, Copenhagen: Schultz.

Brown, E. H. P. & Hopkins, S. V. (1956), Seven Centuries of the Prices of Consumables, Compared with Builders' Wage- Rates, Economica, Vol. 23(92), pp. 296-314.

Clark, G. (2005), The Condition of the Working Class in England, 1209–2004, Journal of Political Economy, Vol. 113(6), pp. 1307-13-40.

Edvinsson, R. & Söderberg, J. (2007), A Consumer Price Index for Sweden 1290-2006, Paper presented at the Swedish Economic History conference, Stockholm, 12-14 October 2007.

Dalgaard, K. (1926), Arbejderklassens økonomiske kaar i Danmark i de sidste 50 aar, Nationaløkonomisk Tidsskrift, Vol. 64, pp. 105-216.

Davies, G. (2002), A History of Money From Ancient Times to the Present Day, Third Revised Edition, Cardiff: University of Wales Press.

Falbe-Hansen, V. (1869), Hvilke Forandringer er der siden Amerikas Opdagelse foregaaet i Priserne paa Danmarks væsentlige Frembringelser og i Arbeidslønnen her i Landet, og hvilken Del kan der tilskrives de ædle Metallers Mængde i disse Forandringer? En statistisk Undersøgelse, Copenhagen: I. Cohens Bogtrykkeri.

during a period of 20 years.

Friis, A. & Glamann, K. (1958), A History of Prices and Wages in Denmark 1660-1800.

Volume I, London: Longmans.

Grytten, O. H. (2004), A Consumer Price Index for Norway 1516–2003, Chapter 3 in:

Eitrheim, Ø., Klovland, J. T. & Qvigstad, J. F. (eds.) (2004), Historical Monetary Statistics for Norway 1819-2003, Norges Bank Occasional Papers, No. 35.

Hansen, S. Aa. (1964), Adelsvældens grundlag, Copenhagen: GAD’s Forlag.

Hansen, S. Aa. (1976a), William Scharling, in: Christensen, J. P. & Kærgård, N. (eds.) (1976), Danske økonomer. Festskrift i anledning af Socialøkonomisk Samfunds 75års jubilæum, Odense: Samfundsvidenskabeligt Forlag, pp. 190-205.

Hansen, S. Aa. (1976b), Vigand Falbe-Hansen, in: Christensen, J. P. & Kærgård, N. (eds.) (1976), Danske økonomer. Festskrift i anledning af Socialøkonomisk Samfunds 75års jubilæum, Odense: Samfundsvidenskabeligt Forlag, pp. 206-224.

Hansen, S. Aa. (1983), Økonomisk vækst i Danmark. Bind II: 1914-1983, Third Edition, Copenhagen: Akademisk Forlag.

Hansen, S. Aa. (1990), Pengereformen 1813 – holdninger og vurderinger, in: Feldbæk, O. & Lund, E. (eds.) (1990), Presse og historie. Festskrift til Niels Thomsen, Odense: Odense Universitetsforlag, pp. 69-75.

Hansen, S. Aa. & Svendsen, K. E. (1968), Dansk pengehistorie 1700-1914, Copenhagen:

Danmarks Nationalbank.

Henriksen, I. (2006), An Economic History of Denmark, in Whaples, R. (ed.) (2006), EH.Net Encyclopedia, October.

ILO, IMF, OECD, Eurostat, United Nations and the World Bank (2004), Consumer price index manual: Theory and practice, Hong Kong: ILO, IMF, International Financial Statistics, various issues.

Kackmeister, A. (2007), Yesterday’s Bad Times Are Today’s Good Old Times: Retail Price Changes Are More Frequent Today Than in the 1890s, Journal of Money, Credit and Banking, Vol. 39(8), pp. 1977-2020.

Kindleberger, C. P. (1993), A Financial History of Europe, Second Edition, Oxford: Oxford University Press.

Nielsen, A. (1904), Kapitelstakster i ældre og nyere Tid. Udg. af Statens Statistiske Bureau.

Khn. 1904, Nationaløkonomisk Tidsskrift, Vol. 42, pp. 609-612 (review).

Nielsen, A. (1906), Dänische Preise 1650-1750, Jahrbüchern für Nationalökonomie und Statistik, Dritte Folge, Vol. 31, pp. 289-347.

Olsen, E. (1962), Danmarks økonomiske historie siden 1750, Copenhagen: GAD’s Forlag.

Pamuk, S. (2005), Urban Real Wages around the Eastern Mediterranean in Comparative Perspective, 1100-2000, Research in Economic History, Vol. 23, pp. 209-228.

Pedersen, J. (1930), Arbejdslønnen i Danmark under skiftende konjunkturer i perioden ca.

1850-1913, Copenhagen: Nordisk Forlag.

Qvigstad, J. (2005), 500 years of price history: Price stability is the norm. What distinguishes the abnormal?, Norges Bank Staff Memo, No. 7, September.

Rasmussen, E. (1950), Kurantbankens oprettelse, Historisk Tidsskrift, 11. række 3. binds 1.

og 2. hefte, pp. 137-175.

Rasmussen, E. (1955), Kurantbankens forhold til staten 1737-73, Copenhagen: Det Danske Forlag.

Rubow, A. (1918), Nationalbankens historie 1818-1878, Copenhagen: Nationalbanken i Kjøbenhavn.

Scharling, W. (1869), Pengenes synkende Værdi belyst ved danske Aktstykker samt ledsaget af en kort Udsigt over den danske Mønthistorie, Copenhagen: Gads Forlag.

Statistics Denmark (1904), Kapitelstakster i ældre og nyere tid, Statistiske meddelelser, No.


Statistics Denmark (1985), Indeksberegninger i Danmarks Statistik, Copenhagen: Statistics Denmark.

Statistics Denmark (2004), Forbruger- og nettoprisindekset. Dokumentation, Copenhagen:

Statistics Denmark.

Thestrup, P. (1971), The Standard of Living in Copenhagen 1730-1800, Copenhagen: GAD’s Forlag.

Van Zanden, J. L. (1999), Wages and the standard of living in Europe, 1500-1800, European Review of Economic History, Vol. 2, pp. 175-197.

Wilcke, J. (1924), Møntvæsenet under Christian IV og Frederik III i tidsrummet 1625-1670, Copenhagen: Numismatisk Forenings Forlag.

Wilcke, J. (1929), Specie-, Kurant- og Rigsbankdaler. Møntvæsenets sammenbrud og genrejsning 1788-1845, Copenhagen: GAD’s Forlag.

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