The Gold Standard and Related Regimes : Collected Essays (Studies in Macroeconomic History)

This book contains a collection of Michael D. Bordo's essays written singly and with colleagues on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. This Book Contains A Collection Of Michael D. Bordo's Essays, Written Singly And With Colleagues, On The Classical Gold Standard And Related Regimes Based Directly Or Indirectly On Gold Convertibility. The Gold Standard And Related Regimes: Introduction To The Collection -- The Gold Standard: Theory -- The Gold Standard: The Traditional Approach -- John E. Cairnes On The Effects Of The Australian Gold Discoveries, 1851-73: An Early Application Of The Methodology Of Positive Economics -- The Classical Gold Standard: Some Lessons For Today -- A Model Of The Classical Gold Standard With Depletion / With Richard Wayne Ellson -- The Gold Standard As A Commitment Mechanism / With Finn E. Kydland -- The Operation Of The Specie Standard: Evidence For Core And Peripheral Countries, 1880-1990 / With Anna J. Schwartz --the Gold Standard As A Good Housekeeping Seal Of Approval / With Hugh Rockoff -- A Tale Of Two Currencies: British And French Finances During The Napoleonic Wars / With Eugene N. White -- Money, Deflation, And Seigniorage In The Fifteenth Century: A Review Essay -- The Bretton Woods International Monetary System: A Historical Overview -- Is There A Good Case For A New Bretton Woods International Monetary System? Michael D. Bordo. Includes Bibliographical References And Index. This book contains a collection of Michael D. Bordo's essays, written singly and with colleagues, on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. Several desirable features of the gold standard have resources for the ongoing issue of international monetary reform. They include its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism. The essays in this collection are organized around several themes: gold and the international monetary system; the commodity theory of money; the gold standard as a rule; variants of the gold standard including the interwar gold standard and the Bretton Woods International Monetary System The gold standard, a variant of a commodity money standard, was the prevalent monetary arrangement in the world from 1880 to 1914. Bordo's classic essays on the gold standard and related regimes based directly or indirectly on gold convertibility