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The Gold Standard, Monetary Policy, and the Banking School--Currency School Debate

Scott Sumner

Eastern Economic Journal, 1992, vol. 18, issue 3, 345-358

Abstract: This paper develops a model of the impact of monetary policy on the price level under a gold standard. The model is more consistent with the historical record than are previous models developed by Barro (1979) and McCallum (1989). In particular, it will be demonstrated that under a gold standard, monetary policy can have a permanent effect on the price level. The model is then used to evaluate the nineteenth century debate between proponents of the Banking School and the Currency School.

Keywords: Currency; Gold Standard; Gold; Monetary (search for similar items in EconPapers)
JEL-codes: E42 B19 E50 (search for similar items in EconPapers)
Date: 1992
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Eastern Economic Journal is currently edited by Cynthia A. Bansak, St. Lawrence University and Allan A. Zebedee, Clarkson University

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