The gold standard, Gibson's paradox and the gold stock
This paper re-examines the influence of the stock of gold and the interest rate on the gold-standard price level using the Johansen cointegration procedure. It finds that two equilibrium relationships exist between the price level, the stock of gold and the interest rate, and that traditional Gibson's paradox equations which look at the influence of interest on prices but ignore the influence of the stock of gold are misspecified.
Year of publication: |
1993
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Authors: | Dowd, Kevin ; Sampson, Anthony A. |
Published in: |
Journal of Macroeconomics. - Elsevier, ISSN 0164-0704. - Vol. 15.1993, 4, p. 653-659
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Publisher: |
Elsevier |
Saved in:
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