Ferguson, Niall; Schularick, Moritz - In: European Review of Economic History 16 (2012) 4, pp. 384-407
We ask whether developing countries reap credibility gains from submitting policy to a strict monetary rule. We look at the gold standard era, 1880-1914, to test whether adoption of a rule-based monetary framework such as the gold standard increased policy credibility, focusing on sixty...