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Stuck on Gold : Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard

Chernyshoff, Natalia - 2005

absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

Persistent link: https://www.econbiz.de/10012466876

The Real Exchange Rate and Fiscal Policy During the Gold Standard PeriodEvidence from the United States and Great Britain

Kaminsky, Graciela L. - 1994

We study the determinants of the dollar/pound real exchange rate from 1879 to 1914 focusing on the role of fiscal policy. We present a simple dynamic model of the real exchange rate to frame our analysis. The econometric results are based upon the decomposition of the sources of the innovation...

Persistent link: https://www.econbiz.de/10012474111

A retrospective on the classical gold standard, 1821 - 1931

Bordo, Michael D. (ed.); Schwartz, Anna Jacobson (contributor) - 1984

Persistent link: https://www.econbiz.de/10000085706

Supersanctions and Sovereign Debt Repayment

Mitchener, Kris James - 2005

Theoretical models have suggested that sanctions may be important for enforcing sovereign debt contracts (Bulow and Rogoff, 1989a, 1989b). This paper examines the role of sanctions in promoting debt repayment during the classical gold standard period. We analyze a wide range of sanctions...

Persistent link: https://www.econbiz.de/10012467207

Good versus Bad Deflation : Lessons from the Gold Standard Era

Bordo, Michael D. - 2004

based on gold: circumstances which have resonance with the world of today. We identify aggregate supply, aggregate demand …

Persistent link: https://www.econbiz.de/10012468365

Is Deflation depressing? Evidence from the Classical Gold Standard

Bordo, Michael D. - 2003

We distinguish between good and bad deflations. In the former case, falling prices may be caused by aggregate supply (possibly driven by technology advances) increasing more rapidly than aggregate demand. In the latter case, declines in aggregate demand outpace any expansion in aggregate supply....

Persistent link: https://www.econbiz.de/10012469182

A Model of the International Monetary System

Farhi, Emmanuel - 2016

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …

Persistent link: https://www.econbiz.de/10012456380

Capital Controls and Recovery from the Financial Crisis of the 1930s

Mitchener, Kris James - 2014

We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find...

Persistent link: https://www.econbiz.de/10012458446

The European Crisis in the Context of the History of Previous Financial Crises

Bordo, Michael D. - 2013

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

Persistent link: https://www.econbiz.de/10012459549

Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era

Meissner, Christopher M. - 2013

The classical gold standard period, 1880-1913, witnessed deep economic integration. High capital imports were related to better growth performance but may also have created greater volatility via financial crises. I first document the substantial output losses from various types of crises. I...

Persistent link: https://www.econbiz.de/10012459848