Monetization and Growth in Colonial New England, 1703-1749

Peter Rousseau and Caleb Stroup

No 16190, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We examine econometrically the real effects of paper money's introduction into colonial New England over the 1703-1749 period. Departing from earlier analyses that focus primarily on the depreciation of paper money in the region, we show that expansion of the money stock promoted growth in modern sector activity and not the other way around. We also find that bills emitted for seigniorage purposes had a positive effect on the modern sector, while bills issued through loan banks did not.

JEL-codes: E42 N11 (search for similar items in EconPapers)
Date: 2010-07
New Economics Papers: this item is included in nep-eec, nep-his and nep-mac
Note: DAE
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Published as Rousseau, Peter L. & Stroup, Caleb, 2011. "Monetization and growth in colonial New England, 1703â1749," Explorations in Economic History, Elsevier, vol. 48(4), pages 600-613.

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Journal Article: Monetization and growth in colonial New England, 1703–1749 (2011)
Working Paper: Monetization and Growth in Colonial New England, 1703-1749 (2010)
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