I study whether monetary gold hoarding was the main cause of the Great Depression in a structural VAR analysis. The … monetary disturbances as shocks to central bank gold demand. Based on a monetary DSGE model, the world gold reserve ratio (the … ratio of central bank gold holdings to monetary liabilities) is used to describe monetary conditions. This permits the use …

constructed by exploiting variations in the price of gold around events that capture periods of changes in uncertainty. The … variations in the price of gold around the events correlate with the underlying uncertainty shocks, due to the perception of gold …

constructed by exploiting variations in the price of gold around events that capture periods of changes in uncertainty. The … variations in the price of gold around the events correlate with the underlying uncertainty shocks, due to the perception of gold …

construct the instrument for uncertainty shocks by exploiting variations in the price of gold around selected events. The events … capture periods of changes in uncertainty unrelated to other macroeconomic shocks. The variations in the price of gold around … such events provide a measure correlated with the underlying uncertainty shocks, due to the perception of gold as a safe …

. We first survey the experience of four broad international monetary regimes: the classical gold standard 1880–1914; the … interwar period in which a short-lived restoration of the gold standard prevailed; the postwar Bretton Woods international … monetary system (1946–1971) indirectly linked to gold; the recent managed float period (1971–1995). We then present in some …