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Discussion Paper Details

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Title: The Stability of the Gold Standard and the Evolution of the International Monetary System

Author(s): Tamim Bayoumi and Barry Eichengreen

Publication Date: October 1995

Keyword(s): Gold Standard and International Monetary System

Programme Area(s): International Macroeconomics

Abstract: This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.

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Bibliographic Reference

Bayoumi, T and Eichengreen, B. 1995. 'The Stability of the Gold Standard and the Evolution of the International Monetary System'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1248