This paper presents a model of the gold standard in which technology and preferences are modeled explicitly and account is taken of both the durability of gold and the exhaustibility of gold ore. The authors examine the steady state and its associated dynamics and show how the steady-state price...

This paper presents a model of the gold standard in which technology and preferences are modelled explicitly, and account is taken of both the durability of gold and the exhaustibility of gold ore. We examine the steady state and its associated dynamics, and show how the steady-state price level...