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 …

factors responsible for his early policy recommendations seem to be his attachment to the gold standard and the seeming …'s attachment to the gold standard was starting to weaken, and in later years he openly acknowledged that he had been mistaken not …

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 …

I consider whether a rules-based fiat money system can outperform the gold standard in delivering economic stability. I … discretion of the Fed. In general, I maintain that fiat money might outperform a gold standard if the central bank is committed …