NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A "Change of Regime" Analysis

Sebastian Edwards

NBER Working Paper No. 23204
Issued in February 2017
NBER Program(s):Development of the American Economy, International Finance and Macroeconomics

In this paper I analyze the London Monetary and Economic Conference of 1933, an almost forgotten episode in U.S. monetary history. I study how the Conference shaped dollar policy during the second half of 1933 and early 1934. I use daily data to investigate the way in which the Conference and related policies associated to the gold standard affected commodity prices, bond prices, and the stock market. My results show that the Conference itself did not impact commodity prices or the stock market. However, it had a small effect on bond prices. I do find that the events associated with the abandonment of the gold standard impacted prices in a significant way, even before the actual monetary and currency channels were at work. These results are consistent with the “change in regime” hypothesis of Sargent (1983).

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/w23204

Published: Sebastian Edwards, 2017. "The London Monetary and Economic Conference of 1933 and the End of the Great Depression," Open Economies Review, vol 28(3), pages 431-459.

Users who downloaded this paper also downloaded* these:
Bordo w23189 The Operation and Demise of the Bretton Woods System; 1958 to 1971
Bayoumi and Eichengreen w23205 Aftershocks of Monetary Unification: Hysteresis with a Financial Twist
Edwards w23141 Keynes and the Dollar in 1933
Belongia and Ireland w23157 Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money
House, Proebsting, and Tesar w23147 Austerity in the Aftermath of the Great Recession
 
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