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Gold Monetization and Gold Discipline

Robert Flood () and Peter Garber

No 544, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The paper is a study of the price level and relative price effects of a policy to monetize gold and fix its price at a given future time and at the then prevailing nominal price. Price movements are analyzed both during the transition to the gold standard and during the post-monetization period. The paper also explores the adjustments to fiat money which are necessary to ensure that this type of gold monetization is non-inflationary. Finally, some conditions which produce a run on the government's gold stock leading to the collapse of the gold standard and the timing of such a run are examined.

Date: 1980-09
Note: EFG
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Published as Flood, Robert P. and Peter M. Garber. "Gold Monetization and Gold Discipline." Journal of Political Economy, Vol. 92, No. 1, (February 1984).

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