Working Papers

February 1988, No. 88-5

Central Banking Under the Gold Standard

Marvin Goodfriend

This paper is intended as a positive analysis of temporary government policy actions under a gold standard.  To understand a gold standard is to understand the private valuation of money and gold as assets, and how their asset values can be influenced by government money and gold policy actions under a fixed money price of gold.  An intertemporal, rational expectations, asset-pricing model is employed to address these issues.

Our Research Focus: Inflation and Monetary Policy

Contact Us


Lisa Kenney
(804) 697-8179