Was the Gold Standard Really Destabilizing ?

@inproceedings{Fagan2010WasTG,
  title={Was the Gold Standard Really Destabilizing ?},
  author={Gregory P. Fagan and James R. Lothian and Paul McNelis},
  year={2010}
}
No. This paper investigates the extent to which the high macroeconomic volatility experienced in the classical Gold-Standard era of US history can be attributed to the monetary policy regime per se as distinct from other shocks. For this purpose, we estimate a small Dynamic Stochastic General Equilibrium model for the classical Gold-Standard era. We use this model to conduct a counterfactual experiment to assess whether a monetary policy conducted on the basis of a Taylor rule characterizing… CONTINUE READING

From This Paper

Figures, tables, and topics from this paper.

Citations

Publications citing this paper.
Showing 1-4 of 4 extracted citations

References

Publications referenced by this paper.
Showing 1-10 of 36 references

Determinants and Effects of Changes in the Stock of Money 1875-1960

P. Cagan
National Bureau of EconomicsResearch. Studies in Business Cycles • 1965
View 5 Excerpts
Highly Influenced

1999.Monetary policy regimes and economic performance: The historical record

M. Bordo, A. J. Schwartz
Handbook of Macroeconomics. Elsevier. Chapter • 1999
View 3 Excerpts
Highly Influenced

The Changing Cyclical Variability of Economic Variability in the United States

J. B. De Long, L. Summers
NBER Working Paper 1450 • 1984
View 4 Excerpts
Highly Influenced

VAR Analysis and the Great Moderation ∗

Luca Benati, Paolo Surico, +4 authors Thomas Lubik
2006
View 1 Excerpt

Why Have Business Cycle Fluctuations Become Less Volatile ? ”

J. F. Rubio-Ramirez
NBER Working Paper • 2006

Why Have Business Cycle Fluctuations Become Less Volatile?”NBER Working Paper #12079

A. Arias, G. Hansen, L. Ohanian
2006