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The Equilibrium Approach to Discretionary Monetary Policy under an International Gold Standard, 1926-1932


  • Sumner, Scott


This paper uses the Collery-Barro equilibrium approach to the gold standard to develop a model of discretionary monetary policy under an international gold standard. Monetary policy is defined in terms of changes in the ratio of the monetary gold stock to the currency stock. This is equivalent to defining discretionary policy actions in terms of deviations from the "rules of the game." Unlike other policy indicators such as gold flows, interest rates, or monetary aggregates, the gold-reserve ratio can be used to generate a quantitative estimate of the impact of a single country's monetary policy on the world price level. Copyright 1991 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Sumner, Scott, 1991. "The Equilibrium Approach to Discretionary Monetary Policy under an International Gold Standard, 1926-1932," The Manchester School of Economic & Social Studies, University of Manchester, vol. 59(4), pages 378-394, December.
  • Handle: RePEc:bla:manch2:v:59:y:1991:i:4:p:378-94

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    1. France caused the Great Depression – who caused the Great Recession?
      by Lars Christensen in The Market Monetarist on 2011-10-04 00:28:00


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    Cited by:

    1. Scott Sumner, 2015. "What Would Milton Friedman Have Thought of the Great Recession?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 74(2), pages 209-235, March.
    2. Douglas A. Irwin, 2010. "Did France Cause the Great Depression?," NBER Working Papers 16350, National Bureau of Economic Research, Inc.

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