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to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy … estimate central bank rate reaction functions for a panel of 22 countries during the inter-war gold standard. The estimates …
Persistent link: https://www.econbiz.de/10013095799
The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based … on monthly data over the period January 1928 - December 1936. I show that exit from gold can be understood in terms of a …
Persistent link: https://www.econbiz.de/10013316548
devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show …
Persistent link: https://www.econbiz.de/10012965714
constructed by exploiting variations in the price of gold around events that capture periods of changes in uncertainty. The … variations in the price of gold around the events correlate with the underlying uncertainty shocks, due to the perception of gold …
Persistent link: https://www.econbiz.de/10012961957
price of gold coin is an important factor in cost-benefit analysis for individuals in their marriage and divorce decisions … in Iran. Dowries (Mehrieh) are usually in the form of gold coin and a wife has a legal right to them upon both parties … signing the marriage contract. Increasing the price of gold coin may intensify the internal stress and struggles within …
Persistent link: https://www.econbiz.de/10012924341
A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of crisis...
Persistent link: https://www.econbiz.de/10013000216
ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and … suggests that a global bimetallic system, in which the gold price of silver uctuates, has higher price volatility than a global …
Persistent link: https://www.econbiz.de/10012955754
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...
Persistent link: https://www.econbiz.de/10012911041
We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international...
Persistent link: https://www.econbiz.de/10012994181
Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...
Persistent link: https://www.econbiz.de/10013080504