The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A “Change of Regime” Analysis

Sebastian Edwards

No 23204, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In this paper I analyze the London Monetary and Economic Conference of 1933, an almost forgotten episode in U.S. monetary history. I study how the Conference shaped dollar policy during the second half of 1933 and early 1934. I use daily data to investigate the way in which the Conference and related policies associated to the gold standard affected commodity prices, bond prices, and the stock market. My results show that the Conference itself did not impact commodity prices or the stock market. However, it had a small effect on bond prices. I do find that the events associated with the abandonment of the gold standard impacted prices in a significant way, even before the actual monetary and currency channels were at work. These results are consistent with the “change in regime” hypothesis of Sargent (1983).

JEL-codes: B21 B22 B26 E3 E31 E42 F31 N22 (search for similar items in EconPapers)
Date: 2017-02
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
Note: DAE IFM
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Citations: View citations in EconPapers (2)

Published as Sebastian Edwards, 2017. "The London Monetary and Economic Conference of 1933 and the End of the Great Depression," Open Economies Review, vol 28(3), pages 431-459.

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