The existence of a self-regulating arbitrage mechanism under the gold standard has been traditionally considered as one of its main advantages, and attracted a corresponding research interest. This research is arguably relevant not only to test for the efficiency of the "gold points", but also...

This comment explores some implications and extensions of the papers collected in this volume. It stresses the disadvantages of ignoring the very long-run nature of the distributional question. It analyses the difficulty of finding practical as well as satisfactory policy solutions, especially...