Deflation has had a bad rap, largely based on the experience of the 1930's when deflation was synonymous with … depression. Recent experience with declining prices in Japan and China together with the concern over deflation in Europe and the … United States has led to renewed attention to the topic of deflation. In this paper we focus our attention on the deflation …

has been ignored. As early as 1920, Cassel warned that mismanagement of the gold standard could lead to a severe … depression (deflation due to tight monetary policies) and how it could get out of one (monetary expansion) …

on banks. This paper focuses on a neglected change in monetary policy, the sterilization of gold inflows during 1937, and …

silver closely track the movements in overall prices during the classical gold standard era. The one-to-one relationship …

The classical gold standard period, 1880-1913, witnessed deep economic integration. High capital imports were related …

-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern … five years after a country joined the gold standard, the currency risk premium averaged at least 285 basis points for … market borrowers joined the gold standard. Positive currency risk premiums that persisted long after gold standard adoption …

data to investigate the way in which the Conference and related policies associated to the gold standard affected commodity … the gold standard impacted prices in a significant way, even before the actual monetary and currency channels were at work …

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of … England changed its rate very frequently. Why did the policies of these central banks, the two pillars of the gold standard …

The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929 …-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2 …) for most countries, continued adherence to gold prevented monetary authorities from offsetting banking panics and blocked …

classical gold standard. The paper first discusses the underpinnings, and some of the problems, of a theory of the evolution of … to explain the historical record. It first reviews the rules that characterized the classical gold standard, and the … motivations to return to gold in the interwar period. Then it evaluates the British and US plan for world monetary reform …