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The Gold Standard, Monetary Policy, and the Banking School--Currency School Debate

Author

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  • Scott Sumner

    (Bentley College)

Abstract

This paper develops a model of the impact of monetary policy on the price level under a gold standard. The model is more consistent with the historical record than are previous models developed by Barro (1979) and McCallum (1989). In particular, it will be demonstrated that under a gold standard, monetary policy can have a permanent effect on the price level. The model is then used to evaluate the nineteenth century debate between proponents of the Banking School and the Currency School.

Suggested Citation

  • Scott Sumner, 1992. "The Gold Standard, Monetary Policy, and the Banking School--Currency School Debate," Eastern Economic Journal, Eastern Economic Association, vol. 18(3), pages 345-358, Summer.
  • Handle: RePEc:eej:eeconj:v:18:y:1992:i:3:p:345-358
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume18/V18N3P345_358.pdf
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    More about this item

    Keywords

    Currency; Gold Standard; Gold; Monetary;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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