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application/pdfGold standard|Economic history|Monetary policy|The Gold Standard as a Rule, Working Paper 92-05Gold standard|Economic history|Monetary policy|Bordo, Michael D.|Kydland, Finn E.
Adobe Acrobat 7.0 Paper Capture Plug-in; modified using iTextSharp 4.1.6 by 1T3XTIn this paper, we show that the monetary rule followed by a number of key countries before 1914 represented a commitment technology preventing the monetary authorities from changing planned future policy. The experiences of these major countries suggest that the gold standard was intended as a contingent rule. By that, we mean that the authorities could temporarily abandon the fixed price of gold during a wartime emergency on the understanding that convertibility at the original price of gold would be restored when the emergency passed.
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