information:extraction, linguistic:paraphrasing
According to a 2012 survey of 39 economists, the vast majority (92 percent) agreed that a return to the gold standard would not improve price-stability and employment outcomes, and two-thirds of economic historians surveyed in the mid-1990s rejected the idea that the gold standard "was effective in stabilizing prices and moderating business-cycle fluctuations during the nineteenth century." The consensus view among economists is that the gold standard helped prolong and deepen the Great Depression. Historically, banking crises were more common during periods under the gold standard while currency crises were less common. According to economist Michael D. Bordo, the gold standard has three benefits that made its use popular during certain historical periods: "its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism." The gold standard is supported by many followers of the Austrian School, free-market libertarians, and some supply-siders.