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Greenback-Gold Returns and Expectations of Resumption, 1862–1879

  • Smith, Gregor W.
  • Smith, R. Todd

We propose a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879. The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. We test this perspective using daily data for the entire period, and measure the effect of news during and after the Civil War. New evidence of a decline in the volatility of gold returns after the Resumption Act of 1875 provides statistical support for the importance of expectations of resumption.

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Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 57 (1997)
Issue (Month): 03 (September)
Pages: 697-717

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Handle: RePEc:cup:jechis:v:57:y:1997:i:03:p:697-717_01
Contact details of provider: Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK
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  1. Burdekin Richard C. K. & Langdana Farrokh K., 1993. "War Finance in the Southern Confederacy, 1861-1865," Explorations in Economic History, Elsevier, vol. 30(3), pages 352-376, July.
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