Bernanke (1995) showed that not only did adherence to the gold standard predict deeper and more extended depression, as had been noted by earlier authors, but also that the behavior of various key macro variables, such as real wages and real interest rates, differed across gold-standard and non-gold-standard countries in just the way one would expect if the driving shocks were monetary in nature.
2. plural phenomena a: an object or aspect known through the senses rather than by thought or intuition b: a temporal or spatiotemporal object of sensory experience as distinguished from a noumenon c: a fact or event of scientific interest susceptible to scientific description and explanation.
It refers to an unusual event. Group phenomena. A group phenomenon refers to the behavior of organisms in a particular group which is very different from their behavior as an individual. Social phenomena. It refers to events and behavior or attitude of people in a group.