Gibson's Paradox and the Gold Standard
为吉布森悖论（金本位时期利率与物价水平的反常相关性）提供新解释：实际回报率冲击改变黄金相对价格，在黄金名义价格固定下推高物价水平，并用实证数据支持这一机制。
This paper contributes a new element to the explanations of the Gibson paradox, the puzzling correlation between interest rates and the price level seen during the gold-standard peri od. A shock that raises the underlying real rate of return in the eco nomy reduces the equilibrium relative price of gold and, with the nom inal price of gold pegged by the authorities, must raise the price le vel. The mechanism involves the allocation of gold between monetary a nd nonmonetary uses. The authors' explanation helps to resolve some i mportant anomalies in previous work and is supported by empirical evi dence along a number of dimensions. Copyright 1988 by University of Chicago Press.