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Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas

1985; University of Chicago Press; Volume: 93; Issue: 6 Linguagem: Inglês

10.1086/261355

1537-534X

Bruce D. Smith,

Economic Theory and Policy

Previous articleNext article No AccessSome Colonial Evidence on Two Theories of Money: Maryland and the CarolinasBruce D. SmithBruce D. Smith Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 93, Number 6Dec., 1985 Article DOIhttps://doi.org/10.1086/261355 Views: 7Total views on this site Citations: 49Citations are reported from Crossref Copyright 1985 The University of ChicagoPDF download Crossref reports the following articles citing this article:Bryan P Cutsinger, Vincent Geloso, Mathieu Bédard The wild card: colonial paper money in French North America, 1685 to 1719, European Review of Economic History 26, no.22 (Aug 2021): 185–207.https://doi.org/10.1093/ereh/heab014Cory Cutsail, Farley Grubb Colonial North Carolina’s paper money regime, 1712–1774: value decomposition and performance, Journal of Post Keynesian Economics 44, no.33 (Nov 2020): 463–491.https://doi.org/10.1080/01603477.2020.1835498Peter Ericsson, Patrik Winton Surge, retraction and prices: the performance of fiat coins in Sweden, c. 1715–1720, Financial History Review 27, no.22 (May 2020): 256–282.https://doi.org/10.1017/S0968565020000049Stefano Battilossi, Kazuhiko Yago Introduction: New Research in Monetary History – A Map, (Nov 2019): 1–41.https://doi.org/10.1007/978-981-10-0622-7_55-1Stefano Battilossi, Kazuhiko Yago Introduction: New Research in Monetary History – A Map, (Mar 2020): 1–41.https://doi.org/10.1007/978-981-13-0596-2_55Farley Grubb , Social Science History 43, no.11 ( 2019): 185.https://doi.org/10.1017/ssh.2018.30Farley Grubb Colonial Virginia's paper money, 1755–1774: value decomposition and performance, Financial History Review 25, no.22 (Aug 2018): 113–140.https://doi.org/10.1017/S0968565018000057Stephen D. Williamson Can the fiscal authority constrain the central bank?, Journal of Economic Dynamics and Control 89 (Apr 2018): 154–172.https://doi.org/10.1016/j.jedc.2018.01.015Ronald W. Michener Farley Grubb on Colonial New Jersey: The Redemption Theory's Death Rattle, SSRN Electronic Journal (Jan 2017).https://doi.org/10.2139/ssrn.2957768Vincent Geloso, Mathieu BBdard The Wild Card: Colonial Paper Money in French North America, 1685 to 1719, SSRN Electronic Journal (Jan 2017).https://doi.org/10.2139/ssrn.2995560JAMES CELIA, FARLEY GRUBB Non-legal-tender paper money: the structure and performance of Maryland's bills of credit, 1767-75, The Economic History Review 69, no.44 (Feb 2016): 1132–1156.https://doi.org/10.1111/ehr.12278Farley Grubb Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775, (Apr 2016): 147–224.https://doi.org/10.1108/S0363-326820160000032003Ron Michener Redemption theories and the value of American colonial paper money, Financial History Review 22, no.33 (Dec 2015): 315–335.https://doi.org/10.1017/S0968565015000219Dror Goldberg The tax-foundation theory of fiat money, Economic Theory 50, no.22 (Sep 2010): 489–497.https://doi.org/10.1007/s00199-010-0564-8Gary M. Pecquet, Clifford F. Thies Money in occupied New Orleans, 1862–1868: A test of Selgin’s “salvaging” of Gresham’s Law, The Review of Austrian Economics 23, no.22 (Jul 2009): 111–126.https://doi.org/10.1007/s11138-009-0090-8Luca Benati Investigating Inflation Persistence Across Monetary Regimes *, Quarterly Journal of Economics 123, no.33 (Aug 2008): 1005–1060.https://doi.org/10.1162/qjec.2008.123.3.1005Peter L Rousseau Backing, the Quantity Theory, and the Transition to the US Dollar, 1723–1850, American Economic Review 97, no.22 (Apr 2007): 266–270.https://doi.org/10.1257/aer.97.2.266Gary M. Pecquet, Clifford F. Thies Texas treasury notes and market manipulation, 1837–1842, Explorations in Economic History 44, no.11 (Jan 2007): 81–99.https://doi.org/10.1016/j.eeh.2005.10.001Marianne Johnson Paper Money, the Popular Press, and Morality in Late Eighteenth Century America, SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.1085337Stanley C.W. Salvary Accounting: A General Commentary on an Empirical Science, SSRN Electronic Journal (Jan 2007).https://doi.org/10.2139/ssrn.997282Christine Desan The Market as a Matter of Money: Denaturalizing Economic Currency in American Constitutional History, Law Social Inquiry 30, no.11 (Jan 2005): 1–60.https://doi.org/10.1111/j.1747-4469.2005.tb00345.xPedro J. Gutiérrez Money, prices and interest rates in a non-aggregate stochastic general equilibrium model, Applied Mathematical Finance 11, no.44 (Dec 2004): 283–316.https://doi.org/10.1080/13504860420000231911Farley Grubb The circulating medium of exchange in colonial Pennsylvania, 1729–1775: new estimates of monetary composition, performance, and economic growth, Explorations in Economic History 41, no.44 (Oct 2004): 329–360.https://doi.org/10.1016/j.eeh.2004.01.001Farley Grubb Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?, American Economic Review 93, no.55 (Nov 2003): 1778–1798.https://doi.org/10.1257/000282803322655545 Arthur J. Rolnick and Warren E. Weber Money, Inflation, and Output under Fiat and Commodity Standards Rolnick & Weber, Journal of Political Economy 105, no.66 (Jul 2015): 1308–1321.https://doi.org/10.1086/516394Richard A. Highfield, Maureen O'Hara, Bruce Smith Do open market operations matter? Theory and evidence from the Second Bank of the United States, Journal of Economic Dynamics and Control 20, no.1-31-3 (Jan 1996): 479–519.https://doi.org/10.1016/0165-1889(94)00861-4Selahattin İmrohoroǧlu A Markov switching model for the Hungarian price stabilization plan of 1924, Journal of Macroeconomics 17, no.22 (Mar 1995): 347–355.https://doi.org/10.1016/0164-0704(95)80106-5Bruce D. Smith Mischief and monetary history Friedman and Schwartz thirty years later, Journal of Monetary Economics 34, no.11 (Aug 1994): 27–46.https://doi.org/10.1016/0304-3932(94)90057-4Arthur J. Rolnick, Bruce D. Smith, Warren E. Weber The Origins of the Monetary Union in the United States, (Jan 1994): 323–349.https://doi.org/10.1007/978-1-4615-2720-6_12Scott Sumner Colonial Currency and the Quantity Theory of Money: A Critique of Smith's Interpretation, The Journal of Economic History 53, no.11 (Mar 2009): 139–145.https://doi.org/10.1017/S0022050700012420THOMAS J. CUNNINGHAM SOME REAL EVIDENCE ON THE REAL BILLS DOCTRINE VERSUS THE QUANTITY THEORY, Economic Inquiry 30, no.22 (Apr 1992): 371–383.https://doi.org/10.1111/j.1465-7295.1992.tb01664.x Bennett T. McCallum Money and Prices in Colonial America: A New Test of Competing Theories, Journal of Political Economy 100, no.11 (Oct 2015): 143–161.https://doi.org/10.1086/261810Peter Newman, Murray Milgate, John Eatwell R, (Jan 1992): 265–381.https://doi.org/10.1007/978-1-349-11721-5_5Peter Newman, Murray Milgate, John Eatwell S, (Jan 1992): 383–630.https://doi.org/10.1007/978-1-349-11721-5_6DAVID LAIDLER The Quantity Theory is Always and Everywhere Controversial—Why?, Economic Record 67, no.44 (Dec 1991): 289–306.https://doi.org/10.1111/j.1475-4932.1991.tb02559.xRichard A. Highfield, Maureen O'Hara, John H. Wood Public ends, private means, Journal of Monetary Economics 28, no.22 (Oct 1991): 287–322.https://doi.org/10.1016/0304-3932(91)90055-SLarry Schweikart U.S. Commercial Banking: A Historiographical Survey, Business History Review 65, no.33 (Dec 2011): 606–661.https://doi.org/10.2307/3116769Pierre L Siklos The link between money and prices under different policy regimes: The postwar Hungarian experience, Explorations in Economic History 27, no.44 (Oct 1990): 468–482.https://doi.org/10.1016/0014-4983(90)90025-TPierre L. Siklos HYPERINFLATIONS: THEIR ORIGINS, DEVELOPMENT AND TERMINATION, Journal of Economic Surveys 4, no.33 (Sep 1990): 225–248.https://doi.org/10.1111/j.1467-6419.1990.tb00087.xGeorge K. Davis, Gary M. Pecquet Interest Rates in the Civil War South, The Journal of Economic History 50, no.11 (Mar 2009): 133–148.https://doi.org/10.1017/S0022050700035750Thomas F. Cooley, Bruce D. Smith Dynamic coalition formation and equilibrium policy selection, Journal of Monetary Economics 24, no.22 (Sep 1989): 211–233.https://doi.org/10.1016/0304-3932(89)90004-4Mary M. Schweitzer State-Issued Currency and the Ratification of the U.S. Consitution, The Journal of Economic History 49, no.22 (Mar 2009): 311–322.https://doi.org/10.1017/S0022050700007956Ron Michener Backing Theories and the Currencies of Eighteenth-Century America: A Comment, The Journal of Economic History 48, no.33 (Mar 2009): 682–692.https://doi.org/10.1017/S0022050700005945Charles W. Calomiris Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental, The Journal of Economic History 48, no.11 (Mar 2009): 47–68.https://doi.org/10.1017/S0022050700004149Eugene N. White ¿Fueron inflacionarias las finanzas estatales en el siglo XVIII? Una nueva interpretación de los vales reales, Revista de Historia Económica / Journal of Iberian and Latin American Economic History 5, no.33 (Apr 2010): 509–526.https://doi.org/10.1017/S0212610900015330Ronald Michener Fixed exchange rates and the quantity theory in colonial America, Carnegie-Rochester Conference Series on Public Policy 27 (Jan 1987): 233–307.https://doi.org/10.1016/0167-2231(87)90010-8Michael D. Bordo, Ivan A. Marcotte Purchasing power parity in colonial America: Some evidence for South Carolina 1732–1774 a comment, Carnegie-Rochester Conference Series on Public Policy 27 (Jan 1987): 311–323.https://doi.org/10.1016/0167-2231(87)90011-XDavid Laidler Wicksell and fisher on the “Backing” of money and the quantity theory A comment on the debate between Bruce Smith and Ronald Michener, Carnegie-Rochester Conference Series on Public Policy 27 (Jan 1987): 325–334.https://doi.org/10.1016/0167-2231(87)90012-1Michael D. Bordo Explorations in monetary history: A survey of the literature, Explorations in Economic History 23, no.44 (Oct 1986): 339–415.https://doi.org/10.1016/0014-4983(86)90001-X