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dc.contributor.authorChernyshoff, Nataliaen_US
dc.contributor.authorJacks, David S.en_US
dc.contributor.authorTaylor, Alan M.en_US
dc.date.accessioned2006-03-08en_US
dc.date.accessioned2010-05-14T11:04:35Z-
dc.date.available2010-05-14T11:04:35Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/31375-
dc.description.abstractDid adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary shocks if it ties the hands of policy makers. But any decision to forsake exchange-rate flexibility might compromise shock absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard did absorb shocks, but the interwar gold standard did not, and this historical pattern suggests that the interwar gold standard was a poor regime choice.en_US
dc.language.isoengen_US
dc.publisherDep. of Economics, Univ. of California Davis, Calif.en_US
dc.relation.ispartofseriesWorking papers // University of California, Department of Economics 06,7en_US
dc.subject.jelF33en_US
dc.subject.jelF41en_US
dc.subject.jelN10en_US
dc.subject.ddc330en_US
dc.subject.stwGoldwährungen_US
dc.subject.stwWechselkursen_US
dc.subject.stwTerms of Tradeen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwSchocken_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.titleStuck on gold: real exchange rate volatility and the rise and fall of the gold standard, 1870 - 1939en_US
dc.typeWorking Paperen_US
dc.identifier.ppn508644593en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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