Download The Gold Standard and Related Regimes: Collected Essays by Michael D. Bordo PDF
By Michael D. Bordo
This booklet incorporates a number of Michael D. Bordo's essays written singly and with colleagues at the classical most beneficial and similar regimes established without delay or in some way on gold convertibility. The highest quality (and its versions) was once the root for either overseas and household financial preparations from the 3rd region of the 19th century till 1971 while President Nixon closed the united states gold window, successfully finishing the Bretton Woods foreign financial process. even though the best and its variations are actually heritage, it nonetheless has nice charm for policymakers and students.
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Extra resources for The Gold Standard and Related Regimes: Collected Essays (Studies in Macroeconomic History)
Sample text
The gold standard has a self-equilibrating mechanism whereby shocks to the supply of or demand for monetary gold, which produce changes in the price level, are reversed via changes in gold production and shifts between monetary and non-monetary holdings of gold. An historical example of the operation of the commodity theory was the response to a technological advance in gold mining such as the invention of the cyanide process in the 1880s. The technical advance (assuming an initial equilibrium) - which permitted the extraction of gold from lower quality ores reduced the marginal cost of gold production below the exchange value (real price) of gold.
Chicago: University of Chicago Press. Sayers, R. S. (1957). Central Banking After Bagehot. Oxford: Clarendon Press. Scammell, W. M. (1965). " Yorkshire Bulletin of Economic and Social Research, 12:32-45. Schwartz, Anna J. (1982). " Journal of Money Credit and Banking. Part I. 14(4):538-551. Schwartz, Anna J. (1984). " In M. D. Bordo and A. J. ), A Retrospective on the Classical Gold Standard, 1821-1931. Chicago: University of Chicago Press. Triffin, Robert (1960). Gold and the Dollar Crisis. New Haven: Yale University Press.
Angell, a critic of Taussig, integrated the law of one price in the Gold standard: Traditional approach 45 relative price-specie-flow adjustment mechanism. Despite its critical approach, his work is classified as part of the Harvard-school studies. 4 Interwar critics After World War I, a number of writers considered the case for and against a return to the gold standard as it existed pre-World War I. Brown and Smit, accepting in the main the stylized facts of the gold standard as succinctly portrayed by the Cunliffe report (United Kingdom, Parliament [1918] 1979), assessed the gold standard as having been successful before World War I because it was a managed standard managed by London - and then documented the special institutional characteristics of the sterling standard.