The Gold Standard Since Alec Ford
AbstractThis paper surveys studies of the operation of the classical gold standard published subsequent to the appearance of Alec Ford's The Gold Standard 1880-1914: Britain and Argentina in 1962. Contributions tend to fall under two headings: those which emphasize stock equilibrium in money markets (examples of the so-called "monetary approach") and those which emphasize instead stockflow interactions in bond markets. The paper then addresses the perennial question of how the gold standard worked. A central element of my explanation for the stability of the gold standard at the center is the credibility of the official commitment to gold. Knowing that policymakers would intervene in defense of the gold standard, markets responded in the same direction in anticipation of official action. Hence the need for actual intervention was minimized. Credibility derived from the fact that the commitment to the gold standard was international. Central banks like the Bank of England could rely on foreign assistance in times of exceptional stress. Again, the need for actual assistance was minimized because the commitment to offer it was fully credible. Thus, international cooperation is a central element of my explanation of how the classical gold standard worked.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3122.
Date of creation: Sep 1989
Date of revision:
Publication status: published as Capital, Labor and Gold: Essays in Honor of Alec Ford; Cambridge University Press, Cambridge, 1992
Note: ITI IFM
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- Eichengreen, Barry, 1989. "The Gold Standard Since Alec Ford," CEPR Discussion Papers 347, C.E.P.R. Discussion Papers.
- Barry Eichengreen., 1989. "The Gold Standard Since Alec Ford," Economics Working Papers 89-120, University of California at Berkeley.
- Eichengreen, Barry, 1989. "The Gold Standard Since Alec Ford," Department of Economics, Working Paper Series qt91z49066, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Maurice Obstfeld, 1993.
"The Adjustment Mechanism,"
in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 201-268
National Bureau of Economic Research, Inc.
- Michael D. Bordo & Finn E. Kydland, 1992.
"The gold standard as a rule,"
9205, Federal Reserve Bank of Cleveland.
- Bayoumi, Tamim & Bordo, Michael D, 1996.
"Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions,"
CEPR Discussion Papers
1390, C.E.P.R. Discussion Papers.
- Bayoumi, Tamim & Bordo, Michael D, 1998. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 122-49, January.
- Michael D. Bordo & Tamim Bayoumi, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," NBER Working Papers 5497, National Bureau of Economic Research, Inc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.