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

Farley Grubb

No 22192, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E31 E42 E51 N11 (search for similar items in EconPapers)
Date: 2016-04
New Economics Papers: this item is included in nep-his, nep-pr~, nep-mac, nep-mon and nep-pay
Note: DAE
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Published as Farley Grubb, 2019. "Colonial American Paper Money and the Quantity Theory of Money: An Extension," Social Science History, vol 43(1), pages 185-207.

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