G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5454
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
URLhttps://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.
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