The Gold Standard, Monetary Policy, and the Banking School--Currency School Debate
AbstractThis paper develops a model of the impact of monetary policy on the price level under a gold standard. The model is more consistent with the historical record than are previous models developed by Barro (1979) and McCallum (1989). In particular, it will be demonstrated that under a gold standard, monetary policy can have a permanent effect on the price level. The model is then used to evaluate the nineteenth century debate between proponents of the Banking School and the Currency School.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 18 (1992)
Issue (Month): 3 (Summer)
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More information through EDIRC
Currency; Gold Standard; Gold; Monetary;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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