Stochastic Process Switching and the Return to Gold, 1925
AbstractWe present numerical estimates of the effect on the dollar/sterling exchange rate in the early 1920s of anticipations of the return to the gold standard at pre-war parity in the U.K. These measures are calculated using a weak version of the monetary model of the exchange rate but are consistent with any exchange-rate fundamentals which follow a random walk with drift. Contrary to some contemporary views, the appreciation of the sterling prior to April 1925 appears to have been due mainly to fundamentals (such as restrictive monetary policy) rather than to the expectation of a change in regime.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 723.
Length: 22 pages
Date of creation: 1988
Date of revision:
Other versions of this item:
- Smith, Gregor W & Smith, R Todd, 1990. "Stochastic Process Switching and the Return to Gold, 1925," Economic Journal, Royal Economic Society, vol. 100(399), pages 164-75, March.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Robert P. Flood & Andrew K. Rose & Donald J. Mathieson, 1990. "Is the EMS the perfect fix? An empirical exploration of exchange rate target zones," International Finance Discussion Papers 388, Board of Governors of the Federal Reserve System (U.S.).
- Michael Bordo & Angela Redish, 1994.
"Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note,"
NBER Working Papers
4024, National Bureau of Economic Research, Inc.
- Bordo, Michael D & Redish, Angela, 1993. "Maximizing Seignorage Revenue during Temporary Suspensions of Convertibility: A Note," Oxford Economic Papers, Oxford University Press, vol. 45(1), pages 157-68, January.
- Max Meulemann & Martin Uebele & Bernd Wilfling, 2011.
"The Restoration of the Gold Standard after the US Civil War: A Volatility Analysis,"
CQE Working Papers
2011, Center for Quantitative Economics (CQE), University of Muenster.
- Max Meulemann & Martin Uebele & Bernd Wilfling, 2012. "The Restoration of the Gold Standard after the US Civil War: A Volatility Analysis," Global COE Hi-Stat Discussion Paper Series gd12-251, Institute of Economic Research, Hitotsubashi University.
- 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, 1999. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," NBER Working Papers 5497, National Bureau of Economic Research, Inc.
- Jean-Sébastien PENTECOTE & Marc-Alexandre SENEGAS, 2003.
"Comment fixer les cours de change? Annonces et correspondances maastrichtiennes,"
Discussion Papers (REL - Recherches Economiques de Louvain)
2003012, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Jean-Sébastien Pentecôte & Marc-Alexandre Sénégas, 2003. "Comment fixer les cours de change?. Annonces et correspondances maastrichtiennes," Recherches économiques de Louvain, De Boeck Université, vol. 69(1), pages 39-71.
- Smith, Gregor W., 1995.
Journal of International Money and Finance,
Elsevier, vol. 14(5), pages 659-666, October.
- Veestraeten, Dirk, 2012. "Transition probabilities in a problem of stochastic process switching," Economics Letters, Elsevier, vol. 114(2), pages 201-204.
- Mateusz Szczurek, 2003. "Exchange Rate Regimes and the Nominal Convergence," CASE Network Studies and Analyses 0266, CASE-Center for Social and Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark Babcock).
If references are entirely missing, you can add them using this form.