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Intermediation and the business cycl...

Stoker, James Harley.

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Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850./
作者:	Stoker, James Harley.
面頁冊數:	86 p.
附註:	Source: Dissertation Abstracts International, Volume: 56-05, Section: A, page: 1901.
Contained By:	Dissertation Abstracts International56-05A.
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9530803

Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850.
Stoker, James Harley.

Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850. - 86 p.

Source: Dissertation Abstracts International, Volume: 56-05, Section: A, page: 1901.

Thesis (Ph.D.)--The University of Chicago, 1995.

Is a country's real economy effected by the legal restriction that its currency be backed? In what ways? This paper asks these questions with a focus on one type of legal restriction, the gold standard. I formally model the costs of a specie standard by introducing a non-trivial role for financial intermediaries into a small country overlapping generations model. This model shows that, with certain well specified restrictions, a commitment to the gold standard can lead to periodic 'credit crunches', where good loans are not made. These credit crunches act to magnify real shocks, resulting in a form of business cycle. English financial and business data from 1790-1850 corroborate this model in several ways. During this time, generally considered a period of triumph for the gold standard, England faced a series of financial panics. I will show that these panics, and the significant real damage they caused, were the direct result of the commitment to the gold standard. Vector autoregressions and spectral analysis using data from this period also strongly support the model. The application of this model to economies with fixed exchange rates will also be discussed.Subjects--Topical Terms:

517137
Economics.

Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850.
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100 1 $a Stoker, James Harley. $3 3178718
245 1 0 $a Intermediation and the business cycle under a specie standard: The role of the gold standard in English financial crises, 1790-1850.
300 $a 86 p.
500 $a Source: Dissertation Abstracts International, Volume: 56-05, Section: A, page: 1901.
500 $a Adviser: Thomas Sargent.
502 $a Thesis (Ph.D.)--The University of Chicago, 1995.
520 $a Is a country's real economy effected by the legal restriction that its currency be backed? In what ways? This paper asks these questions with a focus on one type of legal restriction, the gold standard. I formally model the costs of a specie standard by introducing a non-trivial role for financial intermediaries into a small country overlapping generations model. This model shows that, with certain well specified restrictions, a commitment to the gold standard can lead to periodic 'credit crunches', where good loans are not made. These credit crunches act to magnify real shocks, resulting in a form of business cycle. English financial and business data from 1790-1850 corroborate this model in several ways. During this time, generally considered a period of triumph for the gold standard, England faced a series of financial panics. I will show that these panics, and the significant real damage they caused, were the direct result of the commitment to the gold standard. Vector autoregressions and spectral analysis using data from this period also strongly support the model. The application of this model to economies with fixed exchange rates will also be discussed.
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650 4 $a Economics. $3 517137
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710 2 $a The University of Chicago. $3 1017389
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