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Keywords:Gold standard 

Report
Great expectations and the end of the depression

This paper argues that the U.S. economy's recovery from the Great Depression was driven by a shift in expectations brought about by the policy actions of President Franklin Delano Roosevelt. On the monetary policy side, Roosevelt abolished the gold standard and-even more important-announced the policy objective of inflating the price level to pre-depression levels. On the fiscal policy side, Roosevelt expanded real and deficit spending. Together, these actions made his policy objective credible; they violated prevailing policy dogmas and introduced a policy regime change such as that ...
Staff Reports , Paper 234

Working Paper
Did adhering to the gold standard reduce the cost of capital?

A commonly cited benefit of the pre-World War One gold standard is that it reduced the cost of international borrowing by signaling a country?s commitment to financial probity. Using a newly constructed data set that consists of more than 55,000 monthly sovereign bond returns, we test if gold-standard adherence was negatively correlated with the cost of capital. Conditional on UK risk factors, we find no evidence that the bonds issued by countries off gold earned systematically higher excess returns than the bonds issued by countries on gold. Our results are robust to allowing betas to differ ...
Working Paper Series , Paper WP-2010-13

Journal Article
Deflation and real economic activity under the gold standard

Review , Issue Sep , Pages 27-37

Journal Article
Return to gold?

FRBSF Economic Letter

Journal Article
What future for gold?

FRBSF Economic Letter

Journal Article
The monetary economics of gold

Review , Volume 56 , Issue Jan , Pages 2-7

Journal Article
The international gold standard and U.S. monetary policy from World War I to the New Deal

Federal Reserve Bulletin , Issue Jun , Pages 423-440

Discussion Paper
Real exchange rates under the gold standard

Purchasing power parity is one of the most important equilibrium conditions in international macroeconomics. Empirically, it is also one of the most hotly contested. Numerous recent studies, for example, have sought to determine the validity of purchasing power parity using data from the post-Bretton-Woods float and have reached different conclusions. We assert that most such studies are flawed for two reasons. First, the post-1973 data contain, by definition, only a very limited amount of the low-frequency information relevant for examination of long-run parity. Second, the dynamic ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 32

Journal Article
The changing role of gold in the International Monetary System

Special issue on gold
Economic Review , Issue Win , Pages 5-15

Journal Article
The gold standard, Bretton Woods and other monetary regimes: a historical appraisal

Review , Issue Mar , Pages 123-191

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