| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28015 |
| 来源ID | Working Paper 28015 |
| Bury the Gold Standard? A Quantitative Exploration | |
| Anthony M. Diercks; Jonathan Rawls; Eric Sims | |
| 发表日期 | 2020-11-16 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper is one of the first to study the present-day properties of the gold standard in a quantitative model commonly used in central banks. We incorporate gold into an otherwise standard estimated New Keynesian model and compare the positive and normative implications of adopting a gold standard to other more commonly advocated policies. We show that under certain conditions, the gold standard is akin to a nominal GDP targeting framework and can at times be considered an improvement. However, unlike more conventional policies, the gold standard must react to shocks to the supply and demand for gold. We estimate the model for the post-2000 period using a novel dataset on the supply of gold and find that following a gold standard would result in dramatic increases in the volatilities of macroeconomic aggregates and a significant deterioration in household welfare. This is because the estimated shocks to gold supply and demand are significantly larger than for other more conventional aggregate shocks. In the end, what buries the gold standard turns out to be instability in the dynamics of gold itself. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w28015 |
| 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/585743 |
| 推荐引用方式 GB/T 7714 | Anthony M. Diercks,Jonathan Rawls,Eric Sims. Bury the Gold Standard? A Quantitative Exploration. 2020. |
| 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 | ||
| w28015.pdf（632KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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