The Price Revolution: A Monetary Interpretation

Douglas Fisher

The Journal of Economic History, 1989, vol. 49, issue 4, 883-902

Abstract: This article presents tests of the role of money in the price revolution (1525–1618). The hypothesis is that American specie drove European prices, and that the mechanism was the quantity theory of money buttressed by the specie-flow mechanism. Specie entered Spain, increasing Spanish prices, and then spread over Western Europe as a result of the Spanish balance-of-payments deficit, enlarging European monetary bases and price levels. Empirical verification is achieved through Granger-causality tests.

Date: 1989
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