Exchange-rate commitments under gold could reduce some uncertainties for international traders and investors. A steady exchange rate is comforting until the adjustment falls on workers.
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Gold made some international promises easier to understand. Domestic employment and price adjustment could become difficult when gold flows pressured monetary conditions.
The pre-1914 experience should not be treated as identical to interwar attempts to restore gold arrangements. The prewar and interwar versions should never be casually lumped together.
Stable exchange rates and stable living standards are different outcomes that require different evidence. Stable currency quotations don't guarantee stable household budgets.
Whose stability matters most when assessing the gold standard: exporters, creditors, wage earners or governments?