The Gibson Paradox and the Monetary Standard
分析过去250年价格与利率正相关的吉布森悖论，发现该现象在英国显著但美国不显著，且英国利率与美国物价相关。基于价格随机游走和实际收益套利假设构建模型解释实证结果。
This paper analyzes the Gibson paradox, a strong positive correlation between prices and interest rates over the past 250 years. The phenomenon of Gibson's paradox is significant in Britain but not significant in the United States. However, there is a significant correlation between British interest rates and U.S. price levels. The price movements show a strong characteristic of random walk under the gold standard, but appear not to be random walk under the non-gold standard. Based on (a) the price random walk assumption and (b) the real return arbitrage assumption, this paper constructs a simple model to explain the above interesting empirical results.