Bordo, Michael D.; Dittmar, Robert; Gavin, William T. - 2021
gold standard has long been associated with long-run price stability. But critics of the day argued that the regime was … a unit root into the price level, provides more short-run stability than the gold standard and as much long-term price … stability as does the gold standard for horizons shorter than 30 years. We find that Fisher's compensated dollar reduces price …