Year: 2018
Type: article
Abstract: The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies south of New England. Individual colonies, and regional groupings of contiguous colonies treated as one monetary unit, are tested. Little to no statistical relationship, and little to no magnitude of influence, between the quantities of paper money in circulation and prices are found. The quantity theory of money does not explain the value and performance of colonial paper monies well. This is a general and widespread result, and not a rare and isolated phenomenon.
Source: Social Science History
DOI: 10.1017/ssh.2018.30
Author: Farley Grubb
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2940674177