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...