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Monetary policies would be useless in such an economy. First Principles - Do We Need a Return to the Gold Standard?

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Example research essay topic Gold Standard Financial Stability A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, bullion, and exchange.

In the gold specie standard the monetary unit is associated with the value of circulating gold coins, or the monetary unit has the value of.
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