Michael D. Bordo, Anna J. Schwartz's A Retrospective on the Classical Gold Standard, 1821-1931 PDF

By Michael D. Bordo, Anna J. Schwartz

ISBN-10: 0226065901

ISBN-13: 9780226065908

ISBN-10: 0226066924

ISBN-13: 9780226066929

This can be a well timed overview of the most efficient protecting the one hundred ten years of its operation till 1931, whilst Britain deserted it in the middle of the melancholy. present dissatisfaction with floating charges of trade has spurred curiosity in a go back to a commodity commonplace. The experiences during this quantity have been designed to achieve a greater realizing of the ancient premier, yet additionally they throw mild at the query of even if restoring it this present day may possibly support healing inflation, excessive rates of interest, and coffee productiveness development. the amount incorporates a evaluate of the literature at the classical finest; stories the event with gold in England, Germany, Italy, Sweden, and Canada; and views on foreign linkages and the soundness of price-level traits less than the surest. The articles and commentaries replicate robust, conflicting perspectives between hte contributors on problems with significant financial institution habit, purchasing-power an interest-rate parity, self sufficient financial guidelines, financial development, the "Atlantic economy," and developments in commodity costs and long term rates of interest. it is a considerate and provocative ebook.

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Extra info for A Retrospective on the Classical Gold Standard, 1821-1931 (National Bureau of Economic Research Conference Report)

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Ccxlvi) a strong case is made in favor of a gold standard rule and against discretionary monetary policy: The most detailed knowledge of the actual trade of the country, combined with the profound science in all the principles of money and circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade. When the currency consists entirely of the precious metals, or of paper convertible at will into the precious metals, the natural process of commerce, by establishing exchanges among all the different countries of the world, adjusts, in every particular country, the proportion of circulating medium to its actual occasions, according to that supply of the precious metals which the mines furnish to the general market of the world.

4 Fixing Multilateral Exchange Rates Once a correct fixed price of gold were chosen, each gold standard country would adopt par rates of exchange for its currency relative to other currencies. As Yeager remarks, the mint pars under the classical gold standard expressed an equilibrium that had gradually evolved among national price levels. This time, par rates of exchange would be arbitrarily chosen. The mistakes in choice of exchange rates when Euro'pean countries resumed in the decade of the 1920s and again under the Bretton Woods arrangements are not reassuring.

Friedman, Milton, and Anna J. Schwartz. 1963. A monetary history ofthe United States, 1867-1960. Princeton: Princeton University Press. Jevons, William Stanley. [1863] 1884. A serious fall in the value of gold ... set forth. Reprint. In Investigations in currency and finance, ed. H. S. Foxwell. London: Macmillan. - - . [1875] 1884. An ideally perfect system of currency. Reprint. In Investigations in currency and finance. See Jevons [1863] 1884. Marshall, Alfred. [1887] 1925. Memorials of Alfred Marshall.

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A Retrospective on the Classical Gold Standard, 1821-1931 (National Bureau of Economic Research Conference Report) by Michael D. Bordo, Anna J. Schwartz


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