absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

both domestic and international aspects of the monetary regime before World War I has since declined in its relevance. At … and doctrine that developed under the pre-World War I convertible regime proved to be inadequate to deal with domestic … stabilization goals in the interwar period, setting the stage for the Great Depression. In the post-World War II era, the complete …