Neue Wege in der internationalen Geldpolitik
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Neu im LvMF: Dr. Philipp Bagus über die Zeit des Goldstandards
Wir weisen auf den neuen Artikel von Dr. Philipp Bagus in unserer German Review of New Austrian Economics hin: "Deflation, Growth and the Quality of Money – a revealing Chapter of Monetary History from 1865 to 1896". Dr. Bagus analysiert die realwirtschaftlichen und monetären Entwicklungen in der Zeit von 1865 bis 1896 und räumt dabei mit gängigen Vorurteilen auf.
Zusammenfassung:
In this article I reinterprete a revealing chapter of the monetary history of the United States. From 1865-1896 the United States experienced a prolonged period of price deflation. Despite common interpretations, this period was not coined by an economic slowdown. On the contrary, the period was marked by an extremely strong economic growth indicating falling prices and economic growth are compatible. I explain the monetary institutional background as well as the reasons of this growth. Furthermore, I discuss the increase in the quality of money as another reasons for the price deflation.