| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11952 |
| DP11952 Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account | |
| Kris Mitchener; Marc Weidenmier; Ricardo Fernholz | |
| 发表日期 | 2017-04-04 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that silver ceased functioning as a global price anchor in the mid-1890s—the price of silver is positively correlated with agricultural commodities through the mid-1890s, but not thereafter. In contrast to Fisher (1911) and Friedman (1990), both of whom predict greater price stability under bimetallism, our model suggests that a global bimetallic system in which the gold price of silver fluctuates has higher price volatility than a global monometallic system. We confirm this result using agricultural commodity price data for 1870-1913. |
| 主题 | Economic History ; International Macroeconomics and Finance |
| 关键词 | Bimetallism Classical gold standard Silver Unit of account Fixed exchange rates |
| URL | https://cepr.org/publications/dp11952 |
| 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/540764 |
| 推荐引用方式 GB/T 7714 | Kris Mitchener,Marc Weidenmier,Ricardo Fernholz. DP11952 Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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