| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8429 |
| 来源ID | Working Paper 8429 |
| The Inter-War Gold Exchange Standard: Credibility and Monetary Independence | |
| Michael D. Bordo; Ronald MacDonald | |
| 发表日期 | 2001-08-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies. To answer this question we econometrically analyze two key parity, or arbitrage, conditions, namely uncovered interest rate parity and a yield gap relationship. We find that there were both long- and short-run deviations from the arbitrage conditions. The use to which this policy independence was put is analyzed in the context of a multivariate system, which includes reaction function variables. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w8429 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566032 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Ronald MacDonald. The Inter-War Gold Exchange Standard: Credibility and Monetary Independence. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8429.pdf（495KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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