This working paper was prepared by the author while serving in the Research Department, Office of the Assistant Secretary for International Affairs, U.S. Treasury, Washington, D.C., on leave from Simon Fraser University. The views expressed in this paper are those of the author. The U.S. Treasury Department does not necessarily agree or disagree with these views. The author acknowledges gratefully the comments of P. Clark, J. Makin, P. Kenen, M. Keran, and W. Schmidt made on an earlier draft of this paper.

Journal Article The Cloakroom Rule of International Reserves: Comment Get access Herbert G. Grubel Herbert G. Grubel University of Chicago Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 80, Issue 3, August 1966, Pages 485–487, https://doi.org/10.2307/1880735 Published: 01 August 1966

I. Speculators as suppliers of forward exchange, 248. — II. The model, 251. — III. Data, behavioral assumptions and results, 254. — IV. Interpretations of computations, 258. — V. Implications for forwawrd exchange supply, 260.

I. Scope of paper, 292. — II. Basic gold standard model introduced by Hume, 293. — III. Extension of basic model by Ricardo, 294. — IV. Thornton's refinements of theory, 297. — V. Working of models under paper standard, 298. — VI. Analysis of subsidy payments in both models, 300. — VII. Conclusion, 301.