In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been … gold and silver currencies. As a result, silver currencies depreciated sharply, and severe deflation ensued in the gold … block. Why did Germany switch to gold and set the train of destructive events in motion? Both a review of the …

economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the …

Pundits around the world have criticized Germany for either trying to reshape Europe in its image or acting in its own …