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Article: The International Gold Standard and U.S. monetary policy from World War I to the New Deal.
- Article from:
- Federal Reserve Bulletin
- Article date:
- June 1, 1989
- Author:
CopyrightCOPYRIGHT 1989 Board of Governors of the Federal Reserve System. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The International Gold Standard and U.S. Monetary Policy from World War I to the New Deal
Before the First World War, most of the world, including the United States, Great Britain, and every country in Europe, maintained gold standard. In the United States, the Resumption Act had restored the gold standard in 1879, and the Gold Standard Act of 1900 had established gold as the ultimate standard of value. Internationally, the gold standard committed the United States to maintain a fixed exchange rate in relation to other countries on the gold standard, a commitment that facilitated the flow of goods and capital among countries. Domestically, the gold standard ...