Greenback-gold returns and expectations of resumption, 1862-1879
成果类型：
Article
署名作者：
International Monetary Fund; University of Alberta
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050700019100
发表日期：
1997
页码：
697-717
关键词：
摘要：
This article proposes a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879. The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. This perspective is tested using daily data for the entire period, and the effect of news during and after the Civil War is measured. New evidence of a decline in the volatility of gold returns after the Resumption Act of 1875 provides statistical support for the importance of expectations of resumption.