gold in the monetary system. In particular, there has been a proposal to employ gold as a nominal anchor or asset for the … exchange rates between the most important and tradable currencies in the world. This suggestion, along with alternatives is … analyzed in the article. The author describes different historical systems of money, the gold standard and, using concrete …

This paper develops a model of the impact of monetary policy on the price level under a gold standard. The model is … particular, it will be demonstrated that under a gold standard, monetary policy can have a permanent effect on the price level …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

The three exchange rate regimes adopted by Italy from 1883 up to the eve of World War I — the gold standard (1883 …-1893), floating rates (1894-1902), and “gold shadowing” (1903-1911) — produced a puzzling result: formal adherence to the gold … standard ended in failure while shadowing the gold standard proved very successful. This paper discusses the main policies …