Which monetary regime is associated with the most stable price level? A commodity money regime such as the classical … gold standard has long been associated with long-run price stability. But critics of the day argued that the regime was … associated with too much short-run price variability and argued for reforms that look much like modern versions of price …

The classical gold standard has long been associated with long-run price stability. But short-run price variability led … critics of the gold standard to propose reforms that look much like modern versions of price path targeting. This paper uses a … dynamic stochastic general equilibrium model to examine price dynamics under alternative policy regimes. In the model, a pure …