U.S. Specie Standard

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 22 in Essays in Economic History, 2022, pp 405-460 from Springer

Abstract: Abstract A new monetary-base series is presented for the United States 1789–1932, when the country was on an actual or potential specie standard. The series builds on the Friedman-Schwartz monetary-base series and extends it back in time. Monetary balance-of-payments series are generated, consistent with the monetary base. The time span 1792–1932 is divided into subperiods primarily based on the identification of a monetary authority. Results for the monetary base, exchange-market pressure, and economic performance are presented on that basis. The classic gold standard (1879–1913) is undeniably superior to all other periods.

Keywords: Monetary base; Specie standard; Milton Friedman; Anna J. Schwartz; Exchange-market pressure; First Bank; Second Bank; Central bank; Independent Treasury System; Specie; Treasury; Federal Reserve; National bank notes; Specie stock; Coin; Monetary balance of payments; Income; Price; Currency; Gold (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-95925-8_22

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DOI: 10.1007/978-3-030-95925-8_22

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