understood in connection to the Bank’s role as gold market-maker in London and to the position of London as world gold market …This paper studies the microfoundations of the so-called “gold device” policy by analysing a new dataset on the Bank of … England’s operations in the gold market at the heyday of the classical gold standard. It explains that “gold devices” must be …

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 …

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 …