| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w26085
|
| 来源ID | Working Paper 26085
|
| Change of Monetary Regime, Contracts, and Prices: Lessons from the Great Depression, 1932-1935 |
| Sebastian Edwards
|
| 发表日期 | 2019-07-22
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | In this paper I analyze the process leading to the abandonment of the gold standard in the U.S. in1933, and the devaluation of the dollar in 1934. I argue that most changes of monetary regime have an impact on contracts. In this specific case, contracts that were written in terms of gold, or “gold equivalent,” were rewritten in paper dollars. Congress did this on June 5 1933, when it abrogated the “gold clause” retroactively. The Supreme Court validated the move in February 1935. The result was a very large transfer of wealth from creditors to debtors. I use daily data on commodity prices to investigate the extent to which these policies contributed to ending deflation. I find that commodity prices reacted strongly to the announcement of policy changes, and to legal procedures involving contracts. These results are consistent with the “change in regime” hypothesis of Sargent. |
| 主题 | Other
; History of Economic Thought
; International Economics
; International Finance
; History
; Macroeconomic History
; Other History
|
| URL | https://www.nber.org/papers/w26085
|
| 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/583759
|
推荐引用方式
GB/T 7714 |
Sebastian Edwards. Change of Monetary Regime, Contracts, and Prices: Lessons from the Great Depression, 1932-1935. 2019.
|
|
文件名：
|
w26085.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
