IDEAS home Printed from https://ideas.repec.org/p/isu/genstf/198401010800001135.html
   My bibliography  Save this paper

The Gold Standard And The Transmission Of Business Cycles: 1833-1933

Author

Listed:
  • Lothian, James R.
  • Huffman, Wallace E.

Abstract

Descriptions of the gold standard have stressed two very different aspects of that monetary system. Modern observers, concerned with high and rising rates of inflation, have written enthusiastically, and often nostalgically, of the longer-term price stability that existed during the gold standard era. Many other economists during the past century and a half, however, have rendered a less kindly judgment, emphasizing instead the frequent and sometimes severe business contractions that characterized the period as well as the substantial shorter and intermediate-term swings in the price level.

Suggested Citation

  • Lothian, James R. & Huffman, Wallace E., 1984. "The Gold Standard And The Transmission Of Business Cycles: 1833-1933," ISU General Staff Papers 198401010800001135, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:198401010800001135
    as

    Download full text from publisher

    File URL: https://dr.lib.iastate.edu/server/api/core/bitstreams/5fa38a7c-cf3a-4737-bdb6-3e31ca15d7c9/content
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sargent, Thomas J, 1976. "A Classical Macroeconometric Model for the United States," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 207-237, April.
    2. Officer, Lawrence H., 1981. "The Floating Dollar in the Greenback Period: A Test of Theories of Exchange-Rate Determination," The Journal of Economic History, Cambridge University Press, vol. 41(3), pages 629-650, September.
    3. Michael R. Darby & Alan C. Stockman, 1983. "The Mark III International Transmission Model: Specification," NBER Chapters, in: The International Transmission of Inflation, pages 85-112, National Bureau of Economic Research, Inc.
    4. Michael R. Darby & James R. Lothian, 1983. "Conclusions on the International Transmission of Inflation," NBER Chapters, in: The International Transmission of Inflation, pages 491-524, National Bureau of Economic Research, Inc.
    5. Williamson, J. G., 1961. "International Trade and United States Economic Development: 1827–1843," The Journal of Economic History, Cambridge University Press, vol. 21(3), pages 372-383, September.
    6. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    7. Anthony Cassese & James R. Lothian, 1983. "The Timing of Monetary and Price Changes and the International Transmission of Inflation," NBER Chapters, in: The International Transmission of Inflation, pages 58-82, National Bureau of Economic Research, Inc.
    8. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, March.
    9. Peter Temin, 1968. "The Economic Consequences of the Bank War," Journal of Political Economy, University of Chicago Press, vol. 76, pages 257-257.
    10. Brittain, Bruce, 1981. "International Currency Substitution and the Apparent Instability of Velocity in Some Western European Economies and in the United States," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 13(2), pages 135-155, May.
    11. Leiderman, Leonardo, 1980. "Relationships between macroeconomic time series in a fixed-exchange-rate economy : The case of Italy," European Economic Review, Elsevier, vol. 14(1), pages 61-77.
    12. Hernandez-Iglesias, C. & Hernandez-Iglesias, F., 1981. "Causality and the independence phenomenon : The case of the demand for money," Journal of Econometrics, Elsevier, vol. 15(2), pages 247-263, February.
    13. Miles, Marc A, 1978. "Currency Substitution, Flexible Exchange Rates, and Monetary Independence," American Economic Review, American Economic Association, vol. 68(3), pages 428-436, June.
    14. Darby, Michael R. & Lothian, James R. & Gandolfi, Arthur E. & Schwartz, Anna J., 1983. "The International Transmission of Inflation," National Bureau of Economic Research Books, University of Chicago Press, number 9780226136417, December.
    15. Michael D. Bordo, 1981. "The classical gold standard: some lessons for today," Review, Federal Reserve Bank of St. Louis, vol. 63(May), pages 2-17.
    16. Michael R. Darby & Alan C. Stockman, 1983. "The Mark III International Transmission Model: Estimates," NBER Chapters, in: The International Transmission of Inflation, pages 113-161, National Bureau of Economic Research, Inc.
    17. L. E. Davis & J. R. T. Hughes, 1960. "A Dollar-Sterling Exchange, 1803–1895," Economic History Review, Economic History Society, vol. 13(1), pages 52-78, August.
    18. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Green, Georgina, 2018. "Monetary policy spillovers in the first age of financial globalisation: a narrative VAR approach 1884–1913," Bank of England working papers 718, Bank of England.
    2. Borio, Claudio & Drehmann, Mathias & Xia, Fan Dora, 2020. "Forecasting recessions: the importance of the financial cycle," Journal of Macroeconomics, Elsevier, vol. 66(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wallace E. Huffman & James R. Lothian, 1984. "The Gold Standard and the Transmission of Business Cycles, 1833-1932," NBER Chapters, in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 455-512, National Bureau of Economic Research, Inc.
    2. Michael R. Darby & James Lothian, 1989. "The International Transmission of Inflation Afloat," NBER Chapters, in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 203-244, National Bureau of Economic Research, Inc.
    3. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    4. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    5. Kim, Kun Ho, 2011. "Density forecasting through disaggregation," International Journal of Forecasting, Elsevier, vol. 27(2), pages 394-412.
    6. Committee, Nobel Prize, 2011. "Thomas J. Sargent and Christopher A. Sims: Empirical Macroeconomics," Nobel Prize in Economics documents 2011-2, Nobel Prize Committee.
    7. Lars Peter Hansen & Thomas J. Sargent, 1981. "Exact linear rational expectations models: specification and estimation," Staff Report 71, Federal Reserve Bank of Minneapolis.
    8. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    9. Ernst A. Boehm & Vance L. Martin, 1989. "An Investigation into the Major Causes 01 Australia's Recent Inflation and Some Policy Implications," The Economic Record, The Economic Society of Australia, vol. 65(1), pages 1-15, March.
    10. Francis X. Diebold, 1998. "The Past, Present, and Future of Macroeconomic Forecasting," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 175-192, Spring.
    11. Charles I. Plosser, 1989. "Money and business cycles: a real business cycle interpretation," Proceedings, Federal Reserve Bank of St. Louis.
    12. Christopher L. Gilbert & Duo Qin, 2007. "Representation in Econometrics: A Historical Perspective," Working Papers 583, Queen Mary University of London, School of Economics and Finance.
    13. Lothian, James R., 2016. "Purchasing power parity and the behavior of prices and nominal exchange rates across exchange-rate regimes," Journal of International Money and Finance, Elsevier, vol. 69(C), pages 5-21.
    14. Erwin W. Heri, 1988. "Money Demand Regressions and Monetary Targeting Theory and Stylized Evidence," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 124(II), pages 123-149, June.
    15. Julia Campos & Neil R. Ericsson & David F. Hendry, 2005. "General-to-specific modeling: an overview and selected bibliography," International Finance Discussion Papers 838, Board of Governors of the Federal Reserve System (U.S.).
    16. Stephen G. Cecchetti & Peter Hooper & Bruce C. Kasman & Kermit L. Schoenholtz & Mark W. Watson, 2007. "Understanding the Evolving the Evolving Inflation Process," Working Papers 2007-4, Princeton University. Economics Department..
    17. Pacheco Jiménez, J.F., 2001. "Business cycles in small open economies: the case of Costa Rica," ISS Working Papers - General Series 19075, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    18. Gerit Vogt, 2009. "Konjunkturprognose in Deutschland. Ein Beitrag zur Prognose der gesamtwirtschaftlichen Entwicklung auf Bundes- und Länderebene," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 36.
    19. Duo Qin, 2010. "Modelling of the Inflation-Unemployment Tradeoff from the Perspective of the History of Econometrics," Working Papers 661, Queen Mary University of London, School of Economics and Finance.
    20. Kim, Kun Ho, 2011. "Density forecasting through disaggregation," International Journal of Forecasting, Elsevier, vol. 27(2), pages 394-412, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:isu:genstf:198401010800001135. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Curtis Balmer (email available below). General contact details of provider: https://edirc.repec.org/data/deiasus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.