relative price of gold, as well as any time series obtained by differencing a finite number of times, is nonstationary. The … the log of the relative price of gold is stationary, a finding that is inconsistent with the existence of rational bubbles … of gold and the time series properties of real interest rates,which the theory relates to the time series properties of …

known price and one asset, gold, with a random rice in terms of the numeraire. Under these assumptions, it is found that the … portfolio in U.S. dollars. Because of the covariance of exchange rates and gold, the exclusion of the latter generates …

The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a … gold standard and during the post-monetization period. The paper also explores the adjustments to fiat money which are … necessary to ensure that this type of gold monetization is non-inflationary. Finally, some conditions which produce a run on the …

Traditional theory implies that the relative price of consumer goods and of such real assets as land and gold should … different from the predictions of this theory: the prices of land, gold, and other such stores of value have increased by …

The gold standard was a key factor behind the Great Depression, but why did it produce such an intense worldwide … initiated the downturn, France increased its share of world gold reserves from 7 percent to 27 percent between 1927 and 1932 and … effectively sterilized most of this accumulation. This "gold hoarding" created an artificial shortage of reserves and put other …

We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these …

We compare the resumption of convertibility into gold by the United States in 1879 and Britain in 1925 to ascertain the …

reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should … of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the …

In 1933, the U.S. unilaterally restructured its debt by declaring that it would no longer honor the gold clause in … Treasury securities. We study the effects of the abrogation of the gold clause on sovereign debt markets, the Treasury … incurred a marginally higher cost of capital by issuing new bonds without the gold clause …