The Bullionist Controversy: A Time-Series Analysis

Lawrence Officer ()

International Journal of Finance & Economics, 2000, vol. 5, issue 3, 197-209

Abstract: The bullionist and antibullionist models of the Bank Restriction Period (1797-1821) represent early monetarist/nonmonetarist approaches to macroeconomics under a paper standard and floating exchange rate. In contrast to the existing literature, the competing models (plus a modern bullionist alternative) are presented as chains of causation linking individual hypotheses rather than simply as sets of individual hypotheses. For the first time, multivariate time-series analysis is used to test the models, and data are much improved over previous studies. Evidence is preponderantly, though not exclusively, in favor of the antibullionist position. Copyright @ 2000 by John Wiley & Sons, Ltd. All rights reserved.

Date: 2000
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