Spivak, Avia; Sussman, Nathan - C.E.P.R. Discussion Papers - 2008
Financial globalization has seen the emergence of a new monetary standard based on inflation targeting. At the same … era of globalization - the era of the Classical Gold Standard. Does the new financial environment of free capital flows … prevents short term arbitrage against central banks that deviate from the Fed rate. In contrast, during the Gold Standard only …