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How Good Was the Gold Standard? 金本位制有多好?
American Institute for Economic Research Working Paper Series Pub Date : 2021-09-07 DOI: 10.2139/ssrn.3919203
Thomas L. Hogan
{"title":"How Good Was the Gold Standard?","authors":"Thomas L. Hogan","doi":"10.2139/ssrn.3919203","DOIUrl":"https://doi.org/10.2139/ssrn.3919203","url":null,"abstract":"In this chapter, I compare the economic performance on the gold standard to that under central banking based on the growth and stability of prices and real production. I find that the Fed has not obviously outperformed the market-based gold standard. The price level was more predictable prior to the creation of the Fed, and the rate of inflation was lower. Real GDP growth was higher on the market-based gold standard, while the volatility of real GDP growth has been marginally lower under the post-war Fed. Financial markets were volatile prior to the creation of the Fed, but they have been even more volatile in the time since.","PeriodicalId":125521,"journal":{"name":"American Institute for Economic Research Working Paper Series","volume":"19 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133646092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Sen. Elizabeth Warren Doesn’t Understand Free Banking! 参议员伊丽莎白·沃伦不理解自由银行!
American Institute for Economic Research Working Paper Series Pub Date : 2021-08-22 DOI: 10.2139/ssrn.3913809
Craig Duddy
{"title":"Sen. Elizabeth Warren Doesn’t Understand Free Banking!","authors":"Craig Duddy","doi":"10.2139/ssrn.3913809","DOIUrl":"https://doi.org/10.2139/ssrn.3913809","url":null,"abstract":"In recent times, the comparison of crypto currencies to the 'wildcat' banking system of 18th century America has been an increasingly popular comparison, Elizabeth Warren is yet another proponent of this historical revisionism. The ordinary taught for the purposes of smearing private enterprise, and laissez-faire systems continue to live on. However, such revisionism, even if socially drilled into the heads of the increasingly interventionist and socialistic youth is utter nonsense and I set out in this article to prove that. Contrary to so many claims, the 'wildcat' period of banking in the history of the US was not either common, nor was it any fault of laissez-faire or free banking systems. Quite the contrary, it was caused by regulations on these banks that weakened them, and by endogenous conditions such as the Civil War which no rational person could possibly expect to come out of unscathed from. These free banks in places such as Illinois for example, were successful for a period in minimising losses for depositors, and would have been stable had it not been for an interventionist government claiming it was creating 'stability.'","PeriodicalId":125521,"journal":{"name":"American Institute for Economic Research Working Paper Series","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128576838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Relationship between country risk volatility and indices based on unstructured information 基于非结构化信息的国家风险波动与指数的关系
American Institute for Economic Research Working Paper Series Pub Date : 2021-07-01 DOI: 10.4067/s0718-52862021000200175
Martín Llada
{"title":"Relationship between country risk volatility and indices based on unstructured information","authors":"Martín Llada","doi":"10.4067/s0718-52862021000200175","DOIUrl":"https://doi.org/10.4067/s0718-52862021000200175","url":null,"abstract":"This work assesses whether certain indicators constructed from unstructured information published in newspapers contain useful information regarding dynamics of Argentina’s country risk volatility, estimated from a GARCH(1,1) model. The analysis covers the period 1998-2019. One standard deviation increment in the indicator that captures manifestations of pessimism is followed by an increment of approximately 0.2% in expected country risk volatility in the consecutive quarter. Out-of-sample exercises confirm that these non-traditional indicators allow for gains in forecast accuracy. These findings are robust to changes in the set of predictors, the specification of the model and the incorporation of new media content.","PeriodicalId":125521,"journal":{"name":"American Institute for Economic Research Working Paper Series","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132190768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Cryptocurrency Cryptocurrency
American Institute for Economic Research Working Paper Series Pub Date : 2021-05-20 DOI: 10.1007/978-3-319-77525-8_100075
I. Pernice, B. Scott
{"title":"Cryptocurrency","authors":"I. Pernice, B. Scott","doi":"10.1007/978-3-319-77525-8_100075","DOIUrl":"https://doi.org/10.1007/978-3-319-77525-8_100075","url":null,"abstract":"","PeriodicalId":125521,"journal":{"name":"American Institute for Economic Research Working Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114340747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 58
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