Greenback-Gold Returns and Expectations of Resumption, 1862–1879
研究了1862-1879年美国暂停兑换期间绿钞兑黄金价格，将其视为浮动汇率，并用每日数据检验恢复兑换预期对价格波动的影响，发现1875年恢复兑换法案后黄金回报波动性下降。
This article proposes a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879.The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. This perspective is tested using daily data for the entire period, and the effect of news during and after the Civil War is measured. New evidence of a decline in the volatility of gold returns after the Resumption Act of 1875 provides statistical support for the importance of expectations of resumption.