attempt to restore an international gold standard after World War I and did not originate, as Friedman believed, in the United …, who both warned that restoring the gold standard would cause catastrophic deflation unless monetary demand for gold was …

monetary disturbances as shocks to central bank gold demand. Based on a monetary DSGE model, the world gold reserve ratio (the …I study whether monetary gold hoarding was the main cause of the Great Depression in a structural VAR analysis. The … macroeconometric literature, the paper i) uses a newly-assembled monthly data set of the interwar world economy, and ii) models …

policy recommendations inconsistent with his own theory, because of (1) his early attachment to the gold standard and the … apparent necessity to accept deflation to preserve the gold standard and (2) his hope that deflation would overwhelm the price … rigidities that he believed obstructed a speedy recovery. By 1935, Hayek's attachment to the gold standard weakened, and he …