| Period | Exchange Rate Regime | U.S. PC Slope | t-stat | Adj. R2 |
|---|---|---|---|---|
| 1891-1933 | Gold Standard | -0.67*** | -4.5 | 31.6% |
| 1933-1945 | 1933 Devaluation, War | -0.26* | -2.1 | 23.4% |
| 1945-1971 | Bretton Woods | -1.26** | -2.1 | 12.2% |
| 1971-2016 | Flexible Exchange Rates | 0.28 | 1.1 | 0.4% |
\pagenumbering{gobble}