Bordo, Michael D.; Dittmar, Robert; Gavin, William T. - Federal Reserve Bank of St. Louis - 2006
. Most of the adjustment mechanism of the gold
standard was thwarted and monetary policy was only in part constrained by … gold coins and some with paper money. In all
cases, we assume perfect credibility for the government’s monetary policy … quarterly models that are
typically used to study monetary policy issues. The quarterly discount factor, β, is
approximately 0 …