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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11952 |
DP11952 Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account | |
Kris Mitchener; Marc Weidenmier; Ricardo Fernholz | |
发表日期 | 2017-04-04 |
出版年 | 2017 |
语种 | 英语 |
摘要 | We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that silver ceased functioning as a global price anchor in the mid-1890s—the price of silver is positively correlated with agricultural commodities through the mid-1890s, but not thereafter. In contrast to Fisher (1911) and Friedman (1990), both of whom predict greater price stability under bimetallism, our model suggests that a global bimetallic system in which the gold price of silver fluctuates has higher price volatility than a global monometallic system. We confirm this result using agricultural commodity price data for 1870-1913. |
主题 | Economic History ; International Macroeconomics and Finance |
关键词 | Bimetallism Classical gold standard Silver Unit of account Fixed exchange rates |
URL | https://cepr.org/publications/dp11952 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540764 |
推荐引用方式 GB/T 7714 | Kris Mitchener,Marc Weidenmier,Ricardo Fernholz. DP11952 Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account. 2017. |
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