Long times series on production of gold and the value of gold, taken from Jastram’s book The Golden Constant, are used … to estimate a Cagan-type demand function that relates the real total value of gold to its expected rate of return. The … model assumes that gold production and a latent scale variable (income or consumption) are jointly exogenous and that the …

recipients if governance is measured by the World Bank?s CPIA. If the CPIA is replaced by the Kaufmann index, however, the policy …