publication . Preprint . 1987

International Adjustment Under the Classical Gold Standard: Evidence for the U.S. and Britain, 1879-1914

Charles W. Calomiris; R. Glenn Hubbard;
Open Access
  • Published: 01 Apr 1987
Abstract
Links between disturbances in financial markets and those in real activity have long been the focus of studies of economic fluctuations during the period prior to World War I. We emphasize that domestic autonomy was substantially limited by internationally integrated markets for goods and capital. Such findings are important for studying business cycles during the period; for example, when prices are flexible, observed cyclical movements can be related to a credit-market transmission of deflationary shocks. Recent studies of the classical gold standard have revived interest in the process by which macroeconomic shocks were transmitted internationally during this...

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