The Efficiency of the Dollar-Sterling Gold Standard, 1890-1908
评估1890-1908年美元-英镑金本位制的效率，发现黄金点违规少且不持续，黄金流动可预测且有利可图，汇率稳定在黄金点中点。英格兰银行和美国财政部操作符合规则，而银行辛迪加未造成低效。
The gold standard in 1890-1908 period was efficient by any criterion: the number of gold point violations was small; violations did not persist; gold movements occurred in the predictable, profitable, direction in response to violations; and the mean absolute exchange rate (for 1881-1900) was at exactly half the average of the gold points. The actions of the Bank of England and U.S. Treasury in manipulating gold points were consistent with the "rules of the game" and in fact facilitated the efficiency of the gold standard. In contrast, the operations of banking syndicates were of a nature to generate inefficiencies, but the evidence is that they did not have this effect.