Cover IMF Working Papers
The Stability of the Gold Standard and the Evolution of the International Monetary System
Author: Mr. Tamim Bayoumi and Mr. Barry J. Eichengreen
Series:
IMF Working Papers
Volume/Issue:
Volume 1995: Issue 089
Language:
English
Publication Date:
01 Sep 1995
DOI:
https://0-doi-org.library.svsu.edu/10.5089/9781451851243.001
ISBN:
9781451851243
ISSN:
1018-5941
Pages:
32
Keywords:
WP; aggregate demand; aggregate supply; gold standard; price; aggregate supply supply curve; aggregate-supply-aggregate-demand framework; framework of the paper; gold standard year; aggregate demand demand schedule; aggregate supply supply schedule; gold standard country; gold standard system; short-run aggregate supply supply curve; Gold; Supply shocks; Exchange rates; International monetary system; Exchange rate arrangements; Europe
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund