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Federal Reserve Bank of Chicago
Economic Perspectives
Following the yellow brick road: how the United States adopted the gold standard
Francois R. Velde
Abstract

The United States, with some difficulty, adopted the gold standard in the late nineteenth century, thus pegging the dollar to the pound sterling and other currencies. Some have argued it was mistake, others that it was inevitable. This article recounts the historical background and uses a model to shed light on the choices faced by policymakers of the time.


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Francois R. Velde, "Following the yellow brick road: how the United States adopted the gold standard" , Federal Reserve Bank of Chicago, Economic Perspectives, issue Q II, pages 42-58, 2002.
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Keywords: Bimetallism ; Gold ; Money
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