Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
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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 shocks if it ties the hands of policy makers. But any
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美国国家经济研究局创建时间：
2005-11-01
