Gold and Prices Since 1873

Laughlin, J. Laurence

doi:10.2307/1882761

Cited by 8 publications

(2 citation statements)

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“…Since changes in gold prices seem to have no significant impact upon the other variables of the nexus, which implies that gold, market has no role as hedge against exchange rate fluctuations in Pakistan. These findings are in line with Laughlin (1997) and Pravit (2009) and Ismail et al (2009). Moreover, global oil price significantly affect the nexus in Pakistan.…”

Section: Figure-1: Impulse Responsessupporting

confidence: 85%

Nexus of Gold Price-Exchange rate-interest rate-Oil Price: Lessons for Monetary Policy in Pakistan

Iqbal¹,

Akbar²,

Amjad³

2021

NIJBM

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This study aims to evaluate the links among gold price, oil price, exchange rate andinterest rate in Pakistan. All these channels are interconnected and have impact onmonetary policy of the country. Monthly data ranging from 1995-01 to 2016-12 is usedfor the analysis based on VAR Model. Exchange rate depreciations are responded bytight monetary policy actions, which seem to have a significant effect on exchange ratestabilization process and raise gold price. Changes in oil prices at global level stronglyaffect the nexus in Pakistan. Monetary policy managers are suggested to take changes ingold prices as indicators of short-run fluctuations in Pakistan economy. The studycontributes in two ways. Firstly, as a case study of Pakistan, it analyzes the role of goldmarket in response to changes in exchange rate and world oil prices. Secondly, the studylinks up monetary policy decisions to the nexus of gold price-oil price-exchange rate.Findings of the study may be useful for monetary policy makers, academia, and goldindustry alike.

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Section: Figure-1: Impulse Responsessupporting

confidence: 85%

Nexus of Gold Price-Exchange rate-interest rate-Oil Price: Lessons for Monetary Policy in Pakistan

Iqbal¹,

Akbar²,

Amjad³

2021

NIJBM

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“…The principle was strongly endorsed and defended by the school of Robert Torrens and Samuel Lloyd Jones, whereas it was opposed by the doctrine of Thomas Tooke and John Fullarton, who were ardent critics of the principle. 2 In effect, the international gold standard proved unable to ensure price stability, as J. Laurence Laughlin (1909) documents for the last quarter of the 19th century, which registered periods of prolonged deflation and inflation. VOLUME 6, ISSUE 1, SPRING 2013 30 (i.e., the real wage and the rate of interest) are firstly determined in the 'real sector' of the economy.…”

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confidence: 99%

Early marginalist ideas on money: some neglected exceptions to the quantity theory

Feldman

2013

EJPE

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Abstract:The quantity theory of money (QTM) is an important building block of neoclassical economics. This has led scholars to believe that all monetary accounts proposed by marginalist economists are inherently based on the QTM. However, within the bimetallic controversy of the last quarter of the 19th century, there were some neoclassical proposals which departed from the framework of the QTM. In this article, I analyse three of these accounts: Alfred Marshall's symmetallism, Irving Fisher's compensated dollar plan, and Knut Wicksell's inconvertible paper standard. These monetary arrangements-especially the first two of them-have rarely been studied in the literature. Still, their relevance should not be neglected in current times in which the economics profession-both orthodox and heterodox approaches-has moved towards an endogenous money view. The proposals studied also show that the neutrality of money does not necessarily imply the QTM, as it is often suggested.

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James Laurence Laughlin (1850–1933)

McCann¹,

Kapuria-Foreman

2022

The Palgrave Companion to Chicago Economics

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Gold and Prices Since 1873

Cited by 8 publications

References 0 publications

Nexus of Gold Price-Exchange rate-interest rate-Oil Price: Lessons for Monetary Policy in Pakistan

Nexus of Gold Price-Exchange rate-interest rate-Oil Price: Lessons for Monetary Policy in Pakistan

Early marginalist ideas on money: some neglected exceptions to the quantity theory

James Laurence Laughlin (1850–1933)

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