Turmoil of the Times: Measuring the Impact of the Nixon Shock on R&D

On August 15, 1971, President Nixon ended the convertibility of dollars into gold for foreign holders of US currency. This event—known as the “Nixon Shock”—increased the cost of irreversible investment projects and, in turn, decreased private R&D.

April 2018 · Nicholas Pusateri, Caleb S. Fuller