A Simple Model of the Gold Standard
建立了一个金本位模型，明确刻画技术和偏好，考虑黄金的耐久性和矿石的可耗竭性，分析稳态价格水平如何随技术进步、实际收入和贴现率变化。
This paper presents a model of the gold standard in which technology and preferences are modeled explicitly and account is taken of both the durability of gold and the exhaustibility of gold ore. The authors examine the steady state and its associated dynamics and show how the steady-state price level responds to changes in exogenous factors. Provided they have an interior solution with unmined gold in the steady state, this price level rises with technological progress in gold mining and falls with increases in real income and the discount rate. However, the steady-state price level behaves somewhat differently if the authors have a corner solution. Copyright 1997 by Ohio State University Press.