BoE not to blame for gold standard-era crises in US – paper
Bank of England not responsible for “causing or aggravating” crises in the US, author finds
The Bank of England’s interest rate choices during the classical gold standard-era are not to blame for various crises over the period, a new paper argues, contrary to much other scholarship.
The BoE staff working paper, by Georgina Green, investigates the “first age of financial globalisation”, 1884–1913, a period in which countries “tied their currencies to the mast of gold”, thereby creating a useful experiment in monetary spillovers. With the US and UK the two protagonists of the period
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