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Article Dans Une Revue SSRN Electronic Journal Année : 2023

The Gold Standard and the International Dimension of the Great Depression

Résumé

Was the Gold Standard a major determinant of the onset and protracted character of the Great Depression of the 1930s in the United States and worldwide? In this paper, we model the ‘Gold-Standard hypothesis’ in an open-economy, dynamic general equilibrium framework. We show that encompassing the international and monetary dimensions of the Great Depression is important to understand the turmoil of the 1930s. In particular, the Gold Standard turns out to be a strong transmission mechanism of monetary shocks from the United States to the rest of the world. Our results also suggest that the waves of successive nominal exchange rate devaluations coupled with the monetary policy implemented in the United States might not have enhanced the recovery.

Dates et versions

hal-04264183 , version 1 (30-10-2023)

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Luca Pensieroso, Romain Restout. The Gold Standard and the International Dimension of the Great Depression. SSRN Electronic Journal, 2023, pp.1-45. ⟨10.2139/ssrn.4183413⟩. ⟨hal-04264183⟩
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