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Hong-Jie Cai

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Open access Sep 2026

U.S. Monetary Policy and Central Banks' Physical Gold Reserves: Evidence from a Cross-Country Panel, 2000–2025

This study examines the relationship between U.S. monetary policy and adjustments in central banks' physical gold reserves. Unlike the U.S.-dollar value of gold reserves, physical gold tonnage is not mechanically revalued when gold prices change. We construct a quarterly cross-country panel from raw data covering 2000Q...

Hong-Jie Cai · 0 citations

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