Konferenzbeitrag
Rigid relations: External adjustment under the Gold Standard (1880-1913)
External adjustments during the classical gold standard – a fixed exchange rate regime – were associated with few, if any, output costs. This paper analyzes the relative importance of flexible prices, migration and mildly countercyclical monetary policy for this relatively smooth adjustment experience. For this purpose we build and estimate a structural model of the classical gold standard. We find that the sustainability of the gold standard as a fixed exchange rate regime was primarily a consequence of flexible prices. Pre-1914 price flexibility is furthermore largely explicable by large pre-1914 primary sector shares. The paper proceeds in a historical comparative fashion by relating the gold standard experience to that of another fixed-exchange rate regime – today’s eurozone.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: Monetary Integration ; No. C17-V2
- Klassifikation
-
Wirtschaft
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative
International Factor Movements and International Business: General
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ward, Felix
Chen, Yao
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel und Hamburg
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Ward, Felix
- Chen, Yao
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2016
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