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Can government gold be put to better use?: Qualitative and quantitative policies

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Author Info
Dale W. Henderson
John S. Irons
Stephen W. Salant
Sebastian Thomas

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Abstract

Gold has both private uses (depletion uses and service uses) and government uses. It can be obtained from mines with high extraction costs (about $300 per ounce) or from above ground stocks with no extraction costs. Governments still store massive stocks of gold. Making government gold available for private uses through some combination of sales and loans raises welfare from private uses by removing two types of inefficiencies. For given private uses, there is a production inefficiency if costless government gold is withheld while costly gold is taken from mines. There are use inefficiencies if costless government gold is withheld from private users. We assess both qualitatively and quantitatively the gain in welfare and its distribution.

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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 582.

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Date of creation: 1997
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Handle: RePEc:fip:fedgif:582

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Keywords: Gold ; International finance;

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References listed on IDEAS
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  1. Flood, Robert P & Garber, Peter M, 1984. "Gold Monetization and Gold Discipline," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 90-107, February. [Downloadable!] (restricted)
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  2. Levhari, David & Pindyck, Robert S, 1981. "The Pricing of Durable Exhaustible Resources," The Quarterly Journal of Economics, MIT Press, vol. 96(3), pages 365-77, August. [Downloadable!] (restricted)
  3. Stewart, Marion B, 1980. "Monopoly and the Intertemporal Production of a Durable Extractable Resource," The Quarterly Journal of Economics, MIT Press, vol. 94(1), pages 99-111, February. [Downloadable!] (restricted)
  4. Karp, Larry S, 1993. "Monopoly Extraction of a Durable Non-renewable Resource: Failure of the Coase Conjecture," Economica, London School of Economics and Political Science, vol. 60(237), pages 1-11, February. [Downloadable!] (restricted)
  5. Salant, Stephen W & Henderson, Dale W, 1978. "Market Anticipations of Government Policies and the Price of Gold," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 627-48, August. [Downloadable!] (restricted)
  6. Malueg, David A & Solow, John L, 1990. "Monopoly Production of Durable Exhaustible Resources," Economica, London School of Economics and Political Science, vol. 57(225), pages 29-47, February. [Downloadable!] (restricted)
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