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Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

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  • Michael D. Bordo
  • Tamim Bayoumi

Abstract

We compare the resumption of convertibility into gold by the United States in 1879 and Britain in 1925 to ascertain the degree to which the outcomes reflected differences in strategies adopted by the authorities or in the external environment. It is concluded that external factors were the most important determinant of the very different outcomes of the two episodes.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5497.

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Date of creation: Mar 1996
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Publication status: published as Oxford Economic Papers, No. 50, pp. 122-149, January 1998
Handle: RePEc:nbr:nberwo:5497

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  1. Bayoumi, Tamim & Eichengreen, Barry, 1995. "The Stability of the Gold Standard and the Evolution of the International Monetary System," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1248, C.E.P.R. Discussion Papers.
  2. Dimsdale, Nicholas H & Horsewood, Nicholas, 1995. "Fiscal Policy and Employment in Interwar Britain: Some Evidence from a New Model," Oxford Economic Papers, Oxford University Press, vol. 47(3), pages 369-96, July.
  3. Barry Eichengreen, 1989. "The Gold Standard Since Alec Ford," NBER Working Papers 3122, National Bureau of Economic Research, Inc.
  4. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 56(02), pages 389-428, June.
  5. Tamim Bayoumi & Barry Eichengreen, 1992. "Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float: An Impulse-Response Analysis," NBER Working Papers 4169, National Bureau of Economic Research, Inc.
  6. Lippi, Marco & Reichlin, Lucrezia, 1993. "The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 644-52, June.
  7. Eichengreen, Barry, 1987. "Unemployment in Interwar Britain: Dole or Doldrums?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 207, C.E.P.R. Discussion Papers.
  8. Roll, Richard, 1972. "Interest Rates and Price Expectations During the Civil War," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 32(02), pages 476-498, June.
  9. Eichengreen, Barry & Hatton, Tim, 1988. "Interwar Unemployment in International Perspective," Institute for Research on Labor and Employment, Working Paper Series, Institute of Industrial Relations, UC Berkeley qt7bw188gk, Institute of Industrial Relations, UC Berkeley.
  10. Broadberry, S N, 1986. "Aggregate Supply in Interwar Britain," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 96(382), pages 467-81, June.
  11. Calomiris, Charles W, 1988. "Price and Exchange Rate Determination during the Greenback Suspension," Oxford Economic Papers, Oxford University Press, vol. 40(4), pages 719-50, December.
  12. Lewis, Frank & Goldin, Claudia, 1975. "The Economic Cost of the American Civil War: Estimates and Implications," Scholarly Articles 2662305, Harvard University Department of Economics.
  13. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, American Economic Association, vol. 79(4), pages 655-73, September.
  14. Vittorio Grilli, 1989. "Managing Exchange Rate Crises: Evidence from the 1890's," NBER Working Papers 3068, National Bureau of Economic Research, Inc.
  15. Miller, Marcus & Sutherland, Alan, 1994. "Speculative Anticipations of Sterling's Return to Gold: Was Keynes Wrong?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 104(425), pages 804-12, July.
  16. Gregor W. Smith & R. Todd Smith, 1988. "Stochastic Process Switching and the Return to Gold, 1925," Working Papers, Queen's University, Department of Economics 723, Queen's University, Department of Economics.
  17. Milton Friedman & Anna Jacobson Schwartz, 1970. "Monetary Statistics of the United States: Estimates, Sources, Methods," NBER Books, National Bureau of Economic Research, Inc, number frie70-1, October.
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  19. Paul Krugman & Marcus Miller, 1992. "Exchange Rate Targets and Currency Bands," NBER Books, National Bureau of Economic Research, Inc, number krug92-1, October.
  20. Tamim Bayoumi, 1992. "The Effect of the ERM on Participating Economies," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 330-356, June.
  21. Balke, Nathan S & Gordon, Robert J, 1989. "The Estimation of Prewar Gross National Product: Methodology and New Evidence," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(1), pages 38-92, February.
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Cited by:
  1. Masson, Paul R. & Shukayev, Malik D., 2011. "Are bygones not bygones? Modeling price-level targeting with an escape clause and lessons from the gold standard," Journal of Macroeconomics, Elsevier, Elsevier, vol. 33(2), pages 162-175, June.

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