The Stability of the Gold Standard and the Evolution of the International Monetary System

This paper examines some popular explanations for the smooth operation of the classical gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.


Issue Date:
1994-10
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/233389
Total Pages:
41
JEL Codes:
N0; F0
Series Statement:
Working Paper
C94-040




 Record created 2017-04-01, last modified 2017-08-29

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