The Gold Standard and the Great Depression

  title={The Gold Standard and the Great Depression},
  author={B. Eichengreen and P. Temin},
  journal={Contemporary European History},
  pages={183 - 207}
This paper considers why political leaders and central bankers continued to adhere to the gold standard as the Great Depression intensified. We do not focus on the effects of the gold standard on the Depression, which have been documented elsewhere, but on the reasons why policy makers chose the policies they did. We argue that the mentality of the gold standard was pervasive and compelling to the leaders of the interwar economy. It was expressed and reinforced by the discourse among these… Expand
54 Citations


The battle for Britain's gold standard in 1931
  • 19
Central Bank Cooperation
  • 1967
The more conventional ascription to Johnston appears in Moggridge, The Return to Gold
  • English History 1914±1945
  • 1965
This is the famous debt-de¯ation view of the Depression of Irving Fisher
  • Econometrica
  • 1933
75. Eventually, in the second half of 1932, the Bank saw the light. But even then, the old gold mentality continued to hold almost universal sway except in Great Britain
  • 1932
A Century of Bank Rate (London: Longman, Green, 1938), 145. To be sure, Hawtrey was not just any observer. He was Director of Financial Inquiries at HM Treasury throughout the period
    League of Nations, 1944), Appendix A. 66 The most in¯uential recent statement of this mechanism is Bernanke,`The Macroeconomics of the Great Depression
    • International Currency Experience