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An Assessment of the Causes of the Abandonment of the Gold Standard by the U.S. in 1933


  • Paul Hallwood
  • Ronald MacDonald
  • Ian W. Marsh


In this paper we present an investigation of the pressures on the United States to devalue the dollar against the franc and gold in the early 1930s. We calculate monthly time-series of realignment expectations and find that these are well explained by a set of fundamental economic variables. The implication is drawn that macroeconomic events were at least in part responsible for jolting the U.S. off the gold standard and that the Federal Reserve was constrained in its response to the Depression by the United States’ commitment to gold

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  • Paul Hallwood & Ronald MacDonald & Ian W. Marsh, 2000. "An Assessment of the Causes of the Abandonment of the Gold Standard by the U.S. in 1933," Southern Economic Journal, Southern Economic Association, vol. 67(2), pages 448-459, July.
  • Handle: RePEc:sej:ancoec:v:67:2:y:2000:p:448-459

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    References listed on IDEAS

    1. Amy Farmer & Jill Tiefenthaler, 1997. "An Economic Analysis of Domestic Violence," Review of Social Economy, Taylor & Francis Journals, vol. 55(3), pages 337-358.
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    4. Ornstein, Stanley I & Hanssens, Dominique M, 1985. " Alcohol Control Laws and the Consumption of Distilled Spirits and Beer," Journal of Consumer Research, Oxford University Press, vol. 12(2), pages 200-213, September.
    5. Helen V. Tauchen & Ann Dryden Witte & Sharon K. Long, 1985. "Domestic Violence: A Non-random Affair," NBER Working Papers 1665, National Bureau of Economic Research, Inc.
    6. Sara Markowitz & Michael Grossman, 1998. "The Effects of Alcohol Regulation on Physical Child Abuse," NBER Working Papers 6629, National Bureau of Economic Research, Inc.
    7. Sara Markowitz & Michael Grossman, 1998. "Alcohol Regulation And Domestic Violence Towards Children," Contemporary Economic Policy, Western Economic Association International, vol. 16(3), pages 309-320, July.
    8. Kenkel, Donald S, 1993. "Drinking, Driving, and Deterrence: The Effectiveness and Social Costs of Alternative Policies," Journal of Law and Economics, University of Chicago Press, vol. 36(2), pages 877-913, October.
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    Cited by:

    1. Paul Hallwood & Ronald MacDonald & Ian Marsh, 2011. "Remilitarization and the End of the Gold Bloc in 1936," De Economist, Springer, vol. 159(3), pages 305-321, September.

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