金本位制与大萧条的国际层面

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2023-11-07 DOI:10.1017/s1365100523000494

Luca Pensieroso, Romain Restout

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引用次数: 0

摘要

金本位制是20世纪30年代美国和世界范围内大萧条的开始和持续的主要决定因素吗?在本文中，我们在一个开放经济的动态一般均衡框架中建立了“金本位假说”的模型。我们表明，要理解上世纪30年代的动荡，涵盖大萧条的国际和货币层面是很重要的。特别是，金本位被证明是一种强有力的传导机制，将货币冲击从美国传导到世界其他地区。我们的研究结果还表明，连续的名义汇率贬值浪潮加上美国实施的货币政策可能没有促进复苏。

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The Gold Standard and the international dimension of the Great Depression

Abstract Was the Gold Standard a major determinant of the onset and protracted character of the Great Depression of the 1930s in the USA 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 USA 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 USA might not have enhanced the recovery.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.