Was the Gold Standard Really Destabilizing ?

  title={Was the Gold Standard Really Destabilizing ?},
  author={Gregory P. Fagan and James R. Lothian and Paul McNelis},
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

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