A retrospective on the classical gold standard, 1821-1931 / edited by Michael D. Bordo, Anna J. Schwartz.

Format:

Book

Contributor:

Bordo, Michael D.

Schwartz, Anna J. (Anna Jacobson), 1915-2012.

National Bureau of Economic Research.

Series:

Conference report (National Bureau of Economic Research)

A Conference report / National Bureau of Economic Research

Language:

English

Subjects (All):

Gold standard--History--Congresses.

Gold standard.

Currency question--History--Congresses.

Currency question.

Physical Description:

1 online resource (xi, 681 pages) : illustrations

Edition:

1st ed.

Place of Publication:

Chicago : University of Chicago Press, c1984.

Language Note:

English

Summary:

This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard; studies the experience with gold in England, Germany, Italy, Sweden, and Canada; and perspectives on international linkages and the stability of price-level trends under the gold standard. The articles and commentaries reflect strong, conflicting views among hte participants on issues of central bank behavior, purchasing-power an interest-rate parity, independent monetary policies, economic growth, the "Atlantic economy," and trends in commodity prices and long-term interest rates. This is a thoughtful and provocative book.

Contents:

Frontmatter

Contents

Preface

Introduction

1. The Gold Standard: The Traditional Approach

2. The Success of Purchasing-Power Parity: Historical Evidence and Its Implications for Macroeconomics

3. The Bank of England and the Rules of the Game under the International Gold Standard: New Evidence

4. Bank of England Operations, 1893-1913

5. The Gold Standard and the Bank of England in the Crisis of 1847

6. Canada and the Interwar Gold Standard, 1920-35: Monetary Policy without a Central Bank

7. Operations of the German Central Bank and the Rules of the Game, 1879-1913

8. Swedish Experience under the Classical Gold Standard, 1873-1914

9. Italy in the Gold Standard Period, 1861-1914

10. The Gold Standard and the Transmission of Business Cycles, 1833-1932

11. Real Output and the Gold Standard Years, 1830-1913

12. Canada without a Central Bank: Operation of the Price-Specie-Flow Mechanism, 1872-1913

13. War, Prices, and Interest Rates: A Martial Solution to Gibson's Paradox

14. Some Evidence on the Real Price of Gold, Its Costs of Production, and Commodity Prices

15. The Image of the Gold Standard

Participants

Author Index

Subject Index

Notes:

Papers from a conference sponsored by the National Bureau of Economic Research, held in March, 1982.

Includes bibliographical references and indexes.

Description based on publisher supplied metadata and other sources.

ISBN:

9786612069604

9781282069602

1282069608

9780226066929

0226066924

OCLC:

370496841