Alquist, Ron; Chabot, Ben - Federal Reserve Bank of Chicago - 2010
capital. Conditional on UK risk factors, we find no evidence that the bonds issued by countries off gold earned systematically … higher excess returns than the bonds issued by countries on gold. Our results are robust to allowing betas to differ across … bonds issued by countries off- and on-gold; to including proxies that capture the effect of fiscal, monetary, and trade …