Greenback-Gold Returns and Expectations of Resumption, 1862–1879

Gregor Smith and R. Todd Smith
Authors registered in the RePEc Author Service: Richard Todd Smith

The Journal of Economic History, 1997, vol. 57, issue 3, 697-717

Abstract: This article proposes a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879.The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. This perspective is tested using daily data for the entire period, and the effect of news during and after the Civil War is measured. New evidence of a decline in the volatility of gold returns after the Resumption Act of 1875 provides statistical support for the importance of expectations of resumption.

Date: 1997
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Working Paper: Greenback-gold Returns And Expectations Of Resumption, 1862-1879 (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jechis:v:57:y:1997:i:03:p:697-717_01

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