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Keywords:Gold 

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 ...
Working Paper Series , Paper WP-98-8

Working Paper
Can government gold be put to better use?: Qualitative and quantitative policies

Gold has both private uses (depletion uses and service uses) and government uses. It can be obtained from mines with high extraction costs (about $300 per ounce) or from above ground stocks with no extraction costs. Governments still store massive stocks of gold. Making government gold available for private uses through some combination of sales and loans raises welfare from private uses by removing two types of inefficiencies. For given private uses, there is a production inefficiency if costless government gold is withheld while costly gold is taken from mines. There are use inefficiencies ...
International Finance Discussion Papers , Paper 582

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 ...
Working Papers , Paper 588

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 ...
Working Papers (Old Series) , Paper 1108

Working Paper
Implied volatility from options on gold futures: do statistical forecasts add value or simply paint the lilly?

Consistent with findings in other markets, implied volatility is a biased predictor of the realized volatility of gold futures. No existing explanation?including a price of volatility risk?can completely explain the bias, but much of this apparent bias can be explained by persistence and estimation error in implied volatility. Statistical criteria reject the hypothesis that implied volatility is informationally efficient with respect to econometric forecasts. But delta hedging exercises indicate that such econometric forecasts have no incremental economic value. Thus, statistical measures of ...
Working Papers , Paper 2003-018

Journal Article
The gold problem today

Federal Reserve Bulletin , Issue Jan

Journal Article
International gold and dollar flows

Federal Reserve Bulletin , Issue Mar

Journal Article
Economic history : Gold among the 'Heels

News of gold discoveries pulled in experts, captains of industry, money, and miners to the sleepy backwater that was early 19th century North Carolina.
Econ Focus , Volume 12 , Issue Fall , Pages 28-30

Journal Article
Federal Reserve : An anchor of gold : how the gold standard works in theory and practice

Related links : https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2010/q2/federal_reserve_weblinks.cfm
Econ Focus , Volume 14 , Issue 2Q , Pages 5-7

Journal Article
International gold and dollar flows

Federal Reserve Bulletin , Issue Mar , Pages 249-254

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