NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Gold Monetization and Gold Discipline

Robert P. Flood, Peter M. Garber

NBER Working Paper No. 544
Issued in September 1980
NBER Program(s):   EFG

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.

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Document Object Identifier (DOI): 10.3386/w0544

Published: Flood, Robert P. and Peter M. Garber. "Gold Monetization and Gold Discipline." Journal of Political Economy, Vol. 92, No. 1, (February 1984). citation courtesy of

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