The Operations of the Bank of England, 1890-1908: A Dynamic Probit Approach
用周度数据和动态概率模型分析一战前金本位下英格兰银行的利率决策，揭示其在盈利、可兑换性和国内贸易之间的权衡，以及不对称反应和央行合作的作用。
This paper analyzes the workings of the pre-World War I gold standard using weekly data and a dynamic probit econometric technique. The authors' evidence sheds light on three potentially conflicting motivations underlying bank rate changes: profitability, convertibility, and concern for home trade. The conflict among these goals manifests itself in the Bank's asymmetric responses to inflows and outflows of gold and in the Bank's asymmetric responses to changes in market interest rates. The authors' results are consistent with the view that central bank cooperation played an important role in the workings of the gold standard. Copyright 1995 by Ohio State University Press.