The Validity of International Gold Movement Statistics (Classic Reprint) - Hardcover

Oskar Morgenstern

9780366862191: The Validity of International Gold Movement Statistics (Classic Reprint)

Hardcover

ISBN 10: 0366862197 ISBN 13: 9780366862191

Publisher: Forgotten Books, 2020

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Excerpt from The Validity of International Gold Movement Statistics

Data on international gold movements are used not only for purposes of description and analysis, but also for policy guidance. The rates of interest of central banks, for example, frequently have been changed because of reported gold fiows between countries. Such changes were justified by data which - as we shall see - are of highly questionable character even for these purposes.

There is no doubt that all serious economic writers try to be as careful about their sources as possible, that they are constantly looking for the best sources, and that they take great pains to collate the transcription of their data. Yet all this is preliminary. The work is only properly done when a numerical estimate of the error of the observations is provided to the reader. Lacking this numerical measure, a full qualitative description of the intuitively knowable errors is indicated, together with restricting the use of the data beyond the first few significant digits.

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