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2 septembre 2023
- handle: 10670/1.rvy6z4
- hal: hal-04264183
- doi: 10.2139/ssrn.4183413
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info:eu-repo/semantics/altIdentifier/doi/10.2139/ssrn.4183413
Mots-clés
Great Depression Gold Standard Open Macroeconomics Dynamic General Equilibrium E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E13 - Neoclassical N - Economic History/N.N0 - General/N.N0.N01 - Development of the Discipline: Historiographical; Sources and Methods N - Economic History/N.N1 - Macroeconomics and Monetary Economics • Industrial Structure • Growth • Fluctuations/N.N1.N10 - General, International, or ComparativeSujets proches
Exchange standard, Gold Gold exchange standard Standard, GoldCiter ce document
Luca Pensieroso et al., « The Gold Standard and the International Dimension of the Great Depression », HAL-SHS : économie et finance, ID : 10.2139/ssrn.4183413
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Résumé
Was the Gold Standard a major determinant of the onset and protracted character of the Great Depression of the 1930s in the United States and worldwide? In this paper, we model the ‘Gold-Standard hypothesis’ in an open-economy, dynamic general equilibrium framework. We show that encompassing the international and monetary dimensions of the Great Depression is important to understand the turmoil of the 1930s. In particular, the Gold Standard turns out to be a strong transmission mechanism of monetary shocks from the United States to the rest of the world. Our results also suggest that the waves of successive nominal exchange rate devaluations coupled with the monetary policy implemented in the United States might not have enhanced the recovery.