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Was the Gold Standard Really Destabilizing黄金标准真的不稳定.pdf
Was the Gold Standard Really Destabilizing?
y z
Gabriel Fagan, James R. Lothian, and Paul D. McNelis
September 2009
Abstract
No. This paper investigates the extent to which the high macroe-
conomic volatility experienced in the classical Gold-Standard era of US
history can be attributed to the monetary policy regime per se as dis-
tinct from other sho
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