The Classical Gold Standard period, with high capital mobility and fixed-exchange rates, is usually seen as the extreme case of international constraints on monetary policy. Contrary to this view, we show how central bank balance sheets offset the effects of international shocks on domestic interest rates. In contrast, in the United States, a gold standard country without a central bank, the reaction of money market rates was two to four times stronger than that of interest rates in countries with a central bank. Our study is based on the monthly balance sheets of all central banks in the world (i.e., 21) from 1891–1913.

中文翻译：

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驯服全球金融周期：在第一个全球化时代央行作为减震器

具有高资本流动性和固定汇率的古典金本位时期通常被视为国际货币政策约束的极端情况。与此观点相反，我们展示了央行资产负债表如何抵消国际冲击对国内利率的影响。相比之下，在没有中央银行的金本位国家美国，货币市场利率的反应是有中央银行的国家利率的两到四倍。我们的研究基于 1891 年至 1913 年世界上所有中央银行（即 21 家）的月度资产负债表。