NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Gold Standard and the Great Depression

Barry Eichengreen, Peter Temin

NBER Working Paper No. 6060
Issued in June 1997
NBER Program(s):   DAE   ME

This paper, written primarily for historians, attempts to explain why political leaders and central bankers continued to adhere to the gold standard as the Great Depression intensified. We do not focus on the effects of the gold standard on the Depression, which we and others have documented elsewhere, but on the reasons why policy makers chose the policies they did. We argue that the mentality of the gold standard was pervasive and compelling to the leaders of the interwar economy. It was expressed and reinforced by the discourse among these leaders. It was opposed and finally defeated by mass politics, but only after the interaction of national policies had drawn the world into the Great Depression.

download in pdf format
   (407 K)

email paper

This paper is available as PDF (407 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w6060

Published: Eichengreen, Barry and Peter Temin. "The Gold Standard and the Great Depression." Contemporary European History 9, 2 (2000): 183-207.

Users who downloaded this paper also downloaded these:
Romer w3829 What Ended the Great Depression?
Romer w2639 The Great Crash and the Onset of the Great Depression
Eichengreen and Irwin w15142 The Slide to Protectionism in the Great Depression: Who Succumbed and Why?
Eichengreen w2198 The Gold-Exchange Standard and the Great Depression
Ferguson and Schularick w13918 The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

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

Contact Us