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The gold standard, Gibson's paradox and the gold stock

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  • Dowd, Kevin
  • Sampson, Anthony A.

Abstract

This paper re-examines the influence of the stock of gold and the interest rate on the gold-standard price level using the Johansen cointegration procedure. It finds that two equilibrium relationships exist between the price level, the stock of gold and the interest rate, and that traditional Gibson's paradox equations which look at the influence of interest on prices but ignore the influence of the stock of gold are misspecified.

Suggested Citation

  • Dowd, Kevin & Sampson, Anthony A., 1993. "The gold standard, Gibson's paradox and the gold stock," Journal of Macroeconomics, Elsevier, vol. 15(4), pages 653-659.
  • Handle: RePEc:eee:jmacro:v:15:y:1993:i:4:p:653-659
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