The Classical Gold Standard : A Miracle or a Myth ?

概要

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This paper investigates the working of the classical gold standard during the period l885-1913. On the basis of historical data for Britain and the U.S. the paper presents empirical evidence refuting the effectiveness of the price adjustment mechanism. The results also show that the income adjustment mechanism played a complementary role, and that there was no such thing as a common price level under the gold standard. The overall conclusion is that the gold standard does not provide a magic formula to solve current international monetary problems.