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Journal Article
Gold and dollar transfers in 1960
Journal Article
Gold, capital flow, and foreign trade in 1941
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
Recent gold movements: French financial developments
Journal Article
Gold and dollar flows in 1958
Journal Article
Following the yellow brick road: how the United States adopted the gold standard
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.
Journal Article
The gold problem today
Journal Article
International gold and dollar flows
Working Paper
U.S. intervention during the Bretton Wood Era:1962-1973
By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation seemed to grow. In response, the Federal Reserve instituted a series of swap lines to provide central banks with cover for unwanted, but temporary accumulations of dollars and to provide foreign central banks with dollar funds to finance their own interventions. The Treasury also began intervening in ...