Chernyshoff, Natasha; Jacks, David S.; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2006
Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary … trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard …