The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries

Niall Ferguson, Moritz Schularick

NBER Working Paper No. 13918
Issued in April 2008

---- Acknowledgements ----

We would like to thank Nitin Malla, Anna Heinrich and Marit Wehner for excellent research assistance. We received helpful comments from Michael Bordo, Warren Coats, Wolfram Fischer, Carl-Ludwig Holtfrerich, Christopher M. Meissner, Martin Schüler, Alan M. Taylor, Marc Weidenmier, and the participants of the Berlin Colloquium on Quantitative Economic History. Michael Bordo, Michael Clemens, Trish Kelly, Christopher M. Meissner, Maurice Obstfeld, Hugh Rockoff, Nathan Sussman, Alan M. Taylor and Jeffrey Williamson generously shared data. All remaining errors are our own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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