Search Results
Journal Article
Gold and dollar transfers in 1960
Journal Article
Gold, capital flow, and foreign trade in 1941
Working Paper
A model of bimetallism
Bimetallism has been the subject of considerable debate: Was it a viable monetary system? Was it a desirable system? In our model, the (exogenous and stochastic) amount of each metal can be split between monetary uses to satisfy a cash-in-advance constraint, and nonmonetary uses in which the stock of uncoined metal yields utility. The ratio of the monies in the cash-in-advance constraint is endogenous. Bimetallism is feasible: we find a continuum of steady states (in the certainty case) indexed by the constant exchange rate of the monies; we also prove existence for a range of fixed exchange ...
Newsletter
What drives gold prices?
A half century after gold ceased to play a significant formal role in the international monetary system, it still captures a great deal of attention in the financial press and the popular imagination. Yet there has been very little scrutiny of the primary factors determining the price of gold since its dollar price was first allowed to vary freely in 1971. In this article, we attempt to fill in that gap by highlighting three considerations that are commonly cited as drivers of gold prices: inflationary expectations, real interest rates, and pessimism ]about future macroeconomic conditions.
Journal Article
International gold and dollar flows
Journal Article
Gold and dollar flows in 1958
Journal Article
Recent gold movements: French financial developments
Journal Article
Monetary effects of the treasury sale of gold
Journal Article
An appropriate international currency - gold, dollars, or SDRs?
Working Paper
De-Dollarization? Diversification? Exploring Central Bank Gold Purchases and the Dollar's Role in International Reserves
I examine how governments have managed their holdings of gold and dollar reserves in recent decades, a period when gold’s share of aggregate international reserves rose and the dollar’s share fell. Using data on central banks’ reserve currency composition and official sector purchases of U.S. assets, I argue that gold reserve accumulation is generally not associated with de-dollarization of international reserves at the country level, except in a few prominent cases. Instead, gold purchases are more consistent with most countries pursuing a modest diversification of international ...