The Gold Standard as a Rule

Author / Creator

Bordo, Michael D

Available as

Online

Summary

Abstract: In this paper, we show that the monetary rule followed by a number of key. Abstract: countries, especially England and to a lesser extent the U.S., before 1914. Abstract: represented a co...

Abstract: In this paper, we show that the monetary rule followed by a number of key.

Abstract: countries, especially England and to a lesser extent the U.S., before 1914.

Abstract: represented a commitment technology preventing the monetary authorities from.

Abstract: changing planned future policy. The experiences of these maj or countries suggest.

Abstract: that the gold standard was intended as a contingent rule. By that, we mean, that.

Abstract: the authorities could temporarily abandon the fixed price of gold during a.

Abstract: wartime emergency on the understanding that convertibility at the original price.

Abstract: of gold would be restored when the emergency passed. The experiences of other.

Abstract: countries, however, suggest that the gold standard rule was often viewed more.

Abstract: as a desirable goal than an operational constraint.

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