The True Gold Standard (Second Edition)
In October, the Royal Swedish Academy of Sciences awarded the Nobel Prize in Economics to Robert A. Mundell. The Nobel Committee cited Mundell "for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas."
It may seem that the Nobel announcement, and press articles and editorials describing the award, have honored Mundell "far above our poor power to add or detract." Nevertheless, I'd like to put in my two cents, not only to acknowledge an intellectual debt, but also because I'm not sure that even his closest friends have succeeded in conveying exactly why Mundell is regarded as a great economist, even by those who have disagreed with him.
Oct 20, 2014
Lawrence H. White is an economics professor at George Mason University who teaches graduate level monetary theory and policy. Lawrence White As described by the Wikipedia, "White earned his BA at Harvard University (1977) and PhD at the University of California at Los Angeles (1982). Before his current role at George Mason...
The Federal Reserve System's James Narron and David Skeie, career officials with the Federal Reserve System, are two eminent historically erudite figures. Writing in the New York Federal Reserve Bank's online publication, Liberty Street Economics, they recently provided a continuation of their valuable historical "revue," Crisis Chronicles: The Collapse of the...
Jul 23, 2014
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
Dec 20, 2012
Key Monetary Writings
Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard...
Why the Gold Standard?