The limits of internal devaluation : Switzerland during the Great Depression

During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating...
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Autor*in:	Rosenkranz, Peter - 1983- [verfasserIn] Straumann, Tobias - 1966- [verfasserIn] Woitek, Ulrich - 1964- [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2022

Rechteinformationen:	Open Access Namensnennung 4.0 International ; CC BY 4.0

Schlagwörter:	Great Depression Switzerland New Keynesian business cycle model

Übergeordnetes Werk:	Enthalten in: Swiss journal of economics and statistics - Cham, Switzerland : Springer Nature Switzerland AG, 1940, 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17
Übergeordnetes Werk:	volume:158 ; year:2022 ; number:1 ; month:12 ; elocationid:20 ; pages:1-17

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1186/s41937-022-00100-9

Katalog-ID:	1835742424

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spelling	10.1186/s41937-022-00100-9 doi (DE-627)1835742424 (DE-599)KXP1835742424 (DE-He213)s41937-022-00100-9-e DE-627 ger DE-627 rda eng E12 E32 N14 jelc Rosenkranz, Peter 1983- verfasserin (DE-588)105838371X (DE-627)796811075 (DE-576)414560159 aut The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ Great Depression (dpeaa)DE-206 Switzerland (dpeaa)DE-206 New Keynesian business cycle model (dpeaa)DE-206 Straumann, Tobias 1966- verfasserin (DE-588)135879159 (DE-627)572475071 (DE-576)175061823 aut Woitek, Ulrich 1964- verfasserin (DE-588)171137892 (DE-627)061307963 (DE-576)352258888 aut Enthalten in Swiss journal of economics and statistics Cham, Switzerland : Springer Nature Switzerland AG, 1940 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 Online-Ressource (DE-627)514238690 (DE-600)2241129-X (DE-576)304864692 2235-6282 nnns volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17 https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf Verlag kostenfrei https://doi.org/10.1186/s41937-022-00100-9 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2009 GBV_ILN_2014 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 158 2022 1 12 20 1-17 26 01 0206 4272555456 x1z 15-02-23 2403 01 DE-LFER 4300656827 00 --%%-- --%%-- n --%%-- l01 31-03-23 2403 01 DE-LFER https://doi.org/10.1186/s41937-022-00100-9 2403 01 DE-LFER https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf
allfields_unstemmed	10.1186/s41937-022-00100-9 doi (DE-627)1835742424 (DE-599)KXP1835742424 (DE-He213)s41937-022-00100-9-e DE-627 ger DE-627 rda eng E12 E32 N14 jelc Rosenkranz, Peter 1983- verfasserin (DE-588)105838371X (DE-627)796811075 (DE-576)414560159 aut The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ Great Depression (dpeaa)DE-206 Switzerland (dpeaa)DE-206 New Keynesian business cycle model (dpeaa)DE-206 Straumann, Tobias 1966- verfasserin (DE-588)135879159 (DE-627)572475071 (DE-576)175061823 aut Woitek, Ulrich 1964- verfasserin (DE-588)171137892 (DE-627)061307963 (DE-576)352258888 aut Enthalten in Swiss journal of economics and statistics Cham, Switzerland : Springer Nature Switzerland AG, 1940 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 Online-Ressource (DE-627)514238690 (DE-600)2241129-X (DE-576)304864692 2235-6282 nnns volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17 https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf Verlag kostenfrei https://doi.org/10.1186/s41937-022-00100-9 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2009 GBV_ILN_2014 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 158 2022 1 12 20 1-17 26 01 0206 4272555456 x1z 15-02-23 2403 01 DE-LFER 4300656827 00 --%%-- --%%-- n --%%-- l01 31-03-23 2403 01 DE-LFER https://doi.org/10.1186/s41937-022-00100-9 2403 01 DE-LFER https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf
allfieldsGer	10.1186/s41937-022-00100-9 doi (DE-627)1835742424 (DE-599)KXP1835742424 (DE-He213)s41937-022-00100-9-e DE-627 ger DE-627 rda eng E12 E32 N14 jelc Rosenkranz, Peter 1983- verfasserin (DE-588)105838371X (DE-627)796811075 (DE-576)414560159 aut The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ Great Depression (dpeaa)DE-206 Switzerland (dpeaa)DE-206 New Keynesian business cycle model (dpeaa)DE-206 Straumann, Tobias 1966- verfasserin (DE-588)135879159 (DE-627)572475071 (DE-576)175061823 aut Woitek, Ulrich 1964- verfasserin (DE-588)171137892 (DE-627)061307963 (DE-576)352258888 aut Enthalten in Swiss journal of economics and statistics Cham, Switzerland : Springer Nature Switzerland AG, 1940 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 Online-Ressource (DE-627)514238690 (DE-600)2241129-X (DE-576)304864692 2235-6282 nnns volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17 https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf Verlag kostenfrei https://doi.org/10.1186/s41937-022-00100-9 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2009 GBV_ILN_2014 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 158 2022 1 12 20 1-17 26 01 0206 4272555456 x1z 15-02-23 2403 01 DE-LFER 4300656827 00 --%%-- --%%-- n --%%-- l01 31-03-23 2403 01 DE-LFER https://doi.org/10.1186/s41937-022-00100-9 2403 01 DE-LFER https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf
allfieldsSound	10.1186/s41937-022-00100-9 doi (DE-627)1835742424 (DE-599)KXP1835742424 (DE-He213)s41937-022-00100-9-e DE-627 ger DE-627 rda eng E12 E32 N14 jelc Rosenkranz, Peter 1983- verfasserin (DE-588)105838371X (DE-627)796811075 (DE-576)414560159 aut The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression. DE-206 Namensnennung 4.0 International CC BY 4.0 cc https://creativecommons.org/licenses/by/4.0/ Great Depression (dpeaa)DE-206 Switzerland (dpeaa)DE-206 New Keynesian business cycle model (dpeaa)DE-206 Straumann, Tobias 1966- verfasserin (DE-588)135879159 (DE-627)572475071 (DE-576)175061823 aut Woitek, Ulrich 1964- verfasserin (DE-588)171137892 (DE-627)061307963 (DE-576)352258888 aut Enthalten in Swiss journal of economics and statistics Cham, Switzerland : Springer Nature Switzerland AG, 1940 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 Online-Ressource (DE-627)514238690 (DE-600)2241129-X (DE-576)304864692 2235-6282 nnns volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17 https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf Verlag kostenfrei https://doi.org/10.1186/s41937-022-00100-9 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2009 GBV_ILN_2014 GBV_ILN_2034 GBV_ILN_2055 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4238 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 158 2022 1 12 20 1-17 26 01 0206 4272555456 x1z 15-02-23 2403 01 DE-LFER 4300656827 00 --%%-- --%%-- n --%%-- l01 31-03-23 2403 01 DE-LFER https://doi.org/10.1186/s41937-022-00100-9 2403 01 DE-LFER https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf
language	English
source	Enthalten in Swiss journal of economics and statistics 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17
sourceStr	Enthalten in Swiss journal of economics and statistics 158(2022), 1 vom: Dez., Artikel-ID 20, Seite 1-17 volume:158 year:2022 number:1 month:12 elocationid:20 pages:1-17
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institution	findex.gbv.de
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topic_facet	Great Depression Switzerland New Keynesian business cycle model
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container_title	Swiss journal of economics and statistics
authorswithroles_txt_mv	Rosenkranz, Peter @@aut@@ Straumann, Tobias @@aut@@ Woitek, Ulrich @@aut@@
publishDateDaySort_date	2022-12-01T00:00:00Z
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topic_title	E12 E32 N14 jelc The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek Great Depression (dpeaa)DE-206 Switzerland (dpeaa)DE-206 New Keynesian business cycle model (dpeaa)DE-206
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title	The limits of internal devaluation Switzerland during the Great Depression
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title_full	The limits of internal devaluation Switzerland during the Great Depression Peter Rosenkranz, Tobias Straumann and Ulrich Woitek
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title_sort	limits of internal devaluationswitzerland during the great depression
title_auth	The limits of internal devaluation Switzerland during the Great Depression
abstract	During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression.
abstractGer	During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression.
abstract_unstemmed	During the Great Depression, countries endowed with abundant gold reserves were not able to leave the gold standard and devalue their currencies until the mid-1930s. Instead, they were forced to go down the road of internal devaluation. We analyze the policies of the Swiss authorities by estimating a New Keynesian small open economy model. Our results show that the long adherence to the gold standard and the failure of internal devaluation imposed considerable costs on the Swiss economy. Moreover, counterfactual exercises suggest that a timely devaluation would have led to an early recovery from the Great Depression.
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title_short	The limits of internal devaluation
url	https://link.springer.com/content/pdf/10.1186/s41937-022-00100-9.pdf https://doi.org/10.1186/s41937-022-00100-9
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The limits of internal devaluation : Switzerland during the Great Depression

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