Colonial American Paper Money and the Quantity Theory of Money: An Extension

Farley Grubb

No 16-05, Working Papers from University of Delaware, Department of Economics

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 failure of the quantity theory of money to explain the value and performance of colonial paper money is a general and widespread result, and not an isolated and anomalous phenomenon.

Keywords: bills of credit; bills of exchange; border effects; price indices; purchasing power parity (search for similar items in EconPapers)
JEL-codes: E31 E42 E51 N11 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2016
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac, nep-mon and nep-pay
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Citations: View citations in EconPapers (2)

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Working Paper: Colonial American Paper Money and the Quantity Theory of Money: An Extension (2016)
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