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- W4230653708 abstract "Links between disturbances in financial markets and those in real activity have been the focus of studies of economic fluctuations during the period prior to World War I. The standard “business cycle” analysis of the period emphasizes the importance of domestic monetary shocks in an environment of sticky prices and inelastic money supply. In this chapter, we provide evidence suggesting that those basic assumptions are at odds with the data from the period. Domestic autonomy was substantially limited by internationally integrated markets for gold, capital, and traded commodities. Such findings are likely to be important for studying business cycles during the period; for example, we have shown elsewhere (see Calomiris and Hubbard, 1989) that, when prices are flexible, observed cyclical movements can be related to a credit market transmission of deflationary shocks." @default.
- W4230653708 created "2022-05-11" @default.
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- W4230653708 date "1997-01-16" @default.
- W4230653708 modified "2023-09-26" @default.
- W4230653708 title "International adjustments under the Classical gold standard: evidence for the United States and Britain, 1879–1914" @default.
- W4230653708 doi "https://doi.org/10.1017/cbo9780511895456.007" @default.
- W4230653708 hasPublicationYear "1997" @default.
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