Bordo, Michael D.; Choudhri, Ehsan U.; Schwartz, Anna J. - 2021
The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929 …-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2 …) for most countries, continued adherence to gold prevented monetary authorities from offsetting banking panics and blocked …