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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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Bibliographic Info

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

Note: DAE IFM ME
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  1. Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
  2. Tamim Bayoumi, 1992. "The Effect of the ERM on Participating Economies," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 330-356, June.
  3. Tamim Bayoumi & Barry J. Eichengreen, 1995. "The Stability of the Gold Standard and the Evolution of the International Monetary System," IMF Working Papers 95/89, International Monetary Fund.
  4. 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.
  5. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September.
  6. Barry Eichengreen., 1989. "The Gold Standard Since Alec Ford," Economics Working Papers, University of California at Berkeley 89-120, University of California at Berkeley.
  7. Calomiris, Charles W, 1994. "Price and Exchange Rate Determination during the Greenback Suspension," Oxford Economic Papers, Oxford University Press, vol. 46(2), pages 344, April.
  8. Tamim Bayoumi and Barry Eichengreen., 1992. "Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton-Woods Float: An Impulse- Response Analysis," Economics Working Papers, University of California at Berkeley 92-201, University of California at Berkeley.
  9. 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.
  10. Smith, Gregor W & Smith, R Todd, 1990. "Stochastic Process Switching and the Return to Gold, 1925," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 100(399), pages 164-75, March.
  11. Paul Krugman & Marcus Miller, 1992. "Exchange Rate Targets and Currency Bands," NBER Books, National Bureau of Economic Research, Inc, number krug92-1, January.
  12. 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.
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  16. Roll, Richard, 1972. "Interest Rates and Price Expectations During the Civil War," The Journal of Economic History, Cambridge University Press, vol. 32(02), pages 476-498, June.
  17. Vittorio Grilli, 1989. "Managing Exchange Rate Crises: Evidence from the 1890's," NBER Working Papers 3068, National Bureau of Economic Research, Inc.
  18. 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.
  19. Broadberry, S N, 1986. "Aggregate Supply in Interwar Britain," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 96(382), pages 467-81, June.
  20. Goldin, Claudia D. & Lewis, Frank D., 1975. "The Economic Cost of the American Civil War: Estimates and Implications," The Journal of Economic History, Cambridge University Press, vol. 35(02), pages 299-326, June.
  21. Benjamin, Daniel K & Kochin, Levis A, 1979. "Searching for an Explanation of Unemployment in Interwar Britain," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 87(3), pages 441-78, June.
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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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