Davutyan, Nurhan; Parke, William R - In: Journal of Money, Credit and Banking 27 (1995) 4, pp. 1099-1112
This paper analyzes the workings of the pre-World War I gold standard using weekly data and a dynamic probit econometric technique. The authors' evidence sheds light on three potentially conflicting motivations underlying bank rate changes: profitability, convertibility, and concern for home...