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Working Papers

February 1988, No. 88-5

Central Banking Under the Gold Standard

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.

Katrina Mullen (804) 697-8145