| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5454 |
| DP5454 Technological Progress and Regress in Pre-Industrial Times | |
| Omer Moav; Carl-Johan Dalgaard; Shekhar Aiyar | |
| 发表日期 | 2006-01-16 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary shocks if it ties the hands of policy-makers. But any decision to forsake exchange-rate flexibility might compromise shock absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard did absorb shocks, but the interwar gold standard did not, and this historical pattern suggests that the interwar gold standard was a poor regime choice. |
| 主题 | International Macroeconomics |
| 关键词 | Gold standard |
| URL | https://cepr.org/publications/dp5454 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534308 |
| 推荐引用方式 GB/T 7714 | Omer Moav,Carl-Johan Dalgaard,Shekhar Aiyar. DP5454 Technological Progress and Regress in Pre-Industrial Times. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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