The Analytics of Bimetallism
This paper presents a simple model showing how the price level is determined under bimetallism and responds under it to changes in various exogenous variables. It also assesses the stability of the price level under bimetallism and compares the stability of the bimetallic price level with the stability of the price level under a gold standard. The model provides a number of new theoretical results about bimetallism. It also bears out the bimetallist claim that the bimetallic price level should be more stable than the price level under a monometallism provided other things are reasonably equal and both precious metals are used for monetary purposes. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 64 (1996)
Issue (Month): 3 (September)
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