The gold standard, Gibson's paradox and the gold stock

Kevin Dowd and Anthony A. Sampson

Journal of Macroeconomics, 1993, vol. 15, issue 4, 653-659

Abstract: This paper re-examines the influence of the stock of gold and the interest rate on the gold-standard price level using the Johansen cointegration procedure. It finds that two equilibrium relationships exist between the price level, the stock of gold and the interest rate, and that traditional Gibson's paradox equations which look at the influence of interest on prices but ignore the influence of the stock of gold are misspecified.

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:15:y:1993:i:4:p:653-659

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