This paper is intended as a positive analysis of temporary government policy actions under a gold standard. To … understand a gold standard is to understand the private valuation of money and gold as assets, and how their asset values can be … influenced by government money and gold policy actions under a fixed money price of gold. An intertemporal, rational expectations …

that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to …Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …