The 'Thin film of gold': monetary rules and policy credibility

Article, Preprint OPEN
Niall Ferguson ; Moritz Schularick (2012)
  • Journal: European Review of Economic History, volume 16, issue 4 11, pages 384-407
  • Related identifiers: doi: 10.1093/ereh/hes006
  • Subject:
    • jel: jel:F33 | jel:F2 | jel:N20 | jel:F36 | jel:N10

This paper asks whether developing countries can reap credibility gains from submitting policy to a strict monetary rule. Following earlier work, we look at the gold standard era (1880-1914) as a "natural experiment" to test whether adoption of a rule-based monetary fra... View more
  • References (2)

    Table II: reproduction of the results of previous studies 1 2 3 BR (1998) OT (2003) "modern" 0.79 0.77 0.88 7 21 20 218 679 577

    Arellano, M and O. Bover (1995). ”Another Look at the Instrumental Variable Estimation of Error-Components Models.” Journal of Econometrics 68 (1): 29-51.

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