期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2012
卷号：2012
出版社：University of Surrey
摘要：The purpose of this paper is to contribute a new model of the Gold Standard, focusing on the
interaction between resource scarcity and demographic s. In a dynamic micro-founded model we find
that: i) prices and equilibrium gold holdings increase with population (a scale effect), but decrease
with the population growth rate; ii) that the Gold Standard implies deflation unless extraction
resources outstrip population growth; iii) there is no optimal quantity of money. The predictions of
the model are examined using a structural VAR. Our results also shed light on debates about the
viability of a return to the Gold Standard, and, more generally, on the interaction between policy
variables and scarce resources.
