, Hayek argued that monetary expansion was an inappropriate remedy to cure the deflation and high unemployment caused by the … factors responsible for his early policy recommendations seem to be his attachment to the gold standard and the seeming … necessity for countries to accept deflation to maintain convertibility and his hope or expectation that deflation would …

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

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …

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 …