subjected economies to a "commodity lottery" in the form of price fluctuations in world markets. Capital mobility and a currency … gold standard. We identify (i) positive effects of commodity-export prices on real GDP and the domestic price level and (ii …

Adherence to the classical gold standard entailed nominal exchange rate rigidity between member countries. A failure of … and financial crises following. We examine inflation differentials between gold standard (and for comparison, non-gold … these differences during the gold standard than in later monetary regimes. The lesser persistence in differentials, however …