@article{Smith:273754,
      recid = {273754},
      author = {Smith, Gregor W. and Smith, R. Todd},
      title = {Greenback-Gold Returns and Expectations of Resumption,  1862-1879},
      address = {1996-12},
      number = {2110-2018-4384},
      series = {Working Paper No. 1255},
      pages = {29},
      year = {1996},
      abstract = {We propose a unified framework for studying the  greenback-gold price during the U.S. suspension of  convertibility from 1862 to 1879. The gold price is viewed  as a floating exchange rate, with a fixed destination given  by gold standard parity because of the prospect of  resumption. We test this perspective using daily data for  the entire period, and measure the effect of news during  and after the Civil War. New evidence of a decline in the  volatility of gold returns after the Resumption Act of 1875  provides statistical support for the importance of  expectations of resumption.},
      url = {http://ageconsearch.umn.edu/record/273754},
      doi = {https://doi.org/10.22004/ag.econ.273754},
}