The Stability of the Gold Standard and the Evolution of the International Monetary System
International Monetary Fund (IMF); Centre for Economic Policy Research (CEPR)
University of California, Berkeley - Department of Economics; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)
IMF Working Paper No. 95/89
This paper examines some popular explanations for the smooth operation of the pre-1914 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.
Number of Pages in PDF File: 32
JEL Classification: F33, N10working papers series
Date posted: February 15, 2006
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