Two theories of money reconciled
Subtitle: the colonial puzzle revisited with new evidence
By: Farley Grubb.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11784; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11784.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Money -- United States -- History -- Colonial period, ca. 1600-1775
Description: "The purported failure of the classical quantity theory of money in the colonial economy is shown to be a failure of data and not a failure of theory.  When new data on the quantity of specie in circulation is added to the current data on paper money and prices, and econometrically estimated in both short- and long-run monetary models, the long-debated anomaly regarding the performance of the classical quantity theory of money in the colonial economy disappears.  How paper money was backed and could be exchanged for specie was important, but not in the way theorists assert"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
Title from PDF file as viewed on 12/15/2005.
Also available in print.
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Mode of access: World Wide Web.