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A New Model of the Gold Standard

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  • Kevin Dowd
  • Anthony A. Sampson

Abstract

This paper presents a new model of the gold standard that enables the authors to disentangle the different monetary functions of gold. It builds in the sensible condition that the 'easiest' gold will be mined first and takes seriously the constraint implied by the irreversibility of gold mining. This constraint generates important asymmetries between the effects of rises and falls in exogenous variables. The authors' model also handles gold and the demand for it at an explicit primitive level and, thus, enables them to carry out a wide range of interesting conceptual experiments.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 26 (1993)
Issue (Month): 2 (May)
Pages: 380-91

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Handle: RePEc:cje:issued:v:26:y:1993:i:2:p:380-91

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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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Cited by:
  1. Faria, João Ricardo & McAdam, Peter, 2012. "A new perspective on the Gold Standard: Inflation as a population phenomenon," Journal of International Money and Finance, Elsevier, Elsevier, vol. 31(6), pages 1358-1370.

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