The gold standard's fixed exchange rate regime transmitted financial disturbances across countries and prevented the use of monetary policy to address the economic crisis, which is supported by the observations that countries not on the gold standard avoided the Great Depression and gold-standard countries only recovered after leaving it.

causalpending

Speaker

Russ Roberts

Evidence Quote

Countries not on the gold standard managed to avoid the Great Depression almost entirely, while countries on the gold standard did not begin to recover until after they left it.

Source

Douglas Irwin on the Great Depression and the Gold Standard 10/11/2010EconTalk
Created: 6/15/2026, 9:36:56 AM

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