NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Keynes and the Dollar in 1933

Sebastian Edwards

NBER Working Paper No. 23141
Issued in February 2017
NBER Program(s):Development of the American Economy, International Finance and Macroeconomics

On December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: “The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.” In this paper I use high frequency data to investigate whether the gyrations of the dollar were unusually high throughout this period. My results show that although volatility was pronounced, it was not higher than during October 1931- July 1933. I analyze Keynes writings on the international monetary system in an effort to understand what he meant in his letter. I compare Keynes’s “The means to prosperity” with James P. Warburg’s plan for a “modified international standard.”

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Access to NBER Papers

You are eligible for a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w23141

Users who downloaded this paper also downloaded* these:
Edwards w23204 The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A “Change of Regime” Analysis
Angrist and Pischke w23144 Undergraduate Econometrics Instruction: Through Our Classes, Darkly
House, Proebsting, and Tesar w23147 Austerity in the Aftermath of the Great Recession
Bordo w23189 The Operation and Demise of the Bretton Woods System; 1958 to 1971
Boxell, Gentzkow, and Shapiro w23258 Is the Internet Causing Political Polarization? Evidence from Demographics
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us