Monetization and growth in colonial New England, 1703-1749
By: Peter L. Rousseau, Caleb Stroup
Contributors: Stroup, Caleb; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16190; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16190.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We examine econometrically the real effects of paper money's introduction into colonial New England over the 1703-1749 period.  Departing from earlier analyses that focus primarily on the depreciation of paper money in the region, we show that expansion of the money stock promoted growth in modern sector activity and not the other way around.  We also find that bills emitted for seigniorage purposes had a positive effect on the modern sector, while bills issued through loan banks did not"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 8/19/2010.

Includes bibliographical references.

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