We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money … silver money. Calibration of the model shows that silver ceased functioning as a global price anchor in the mid-1890s - the … price of silver is positively correlated with agricultural commodities through the mid-1890s, but not thereafter. In …

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money … silver money. Calibration of the model shows that silver ceased functioning as a global price anchor in the mid-1890s - the … price of silver is positively correlated with agricultural commodities through the mid-1890s, but not thereafter. In …

The emergence of the gold standard has for a long time been viewed as inevitable. Fluctuations of the gold-silver … supplies. However, more recent work has shown that the option character of bimetallism provided a stabilizing feedback loop … analyze agents' expectations between 1860 and 1890. The intuition is that the spread between gold and silver bonds issued by …

The emergence of the gold standard has for a long time been viewed as inevitable. Fluctuations of the gold-silver … supplies. However, more recent work has shown that the option character of bimetallism provided a stabilizing feedback loop … analyze agents' expectations between 1860 and 1890. The intuition is that the spread between gold and silver bonds issued by …

The emergence of the gold standard has for a long time been viewed as inevitable. Fluctuations of the gold-silver … supplies. However, more recent work has shown that the option character of bimetallism provided a stabilizing feedback loop … analyze agents’ expectations between 1860 and 1890. The intuition is that the spread between gold and silver bonds issued by …

The emergence of the gold standard has for a long time been viewed as inevitable. Fluctuations of the gold-silver … supplies. However, more recent work has shown that the option character of bimetallism provided a stabilizing feedback loop … analyze agents’ expectations between 1860 and 1890. The intuition is that the spread between gold and silver bonds issued by …