The Bullionist Controversy: Theory and New Evidence

Joshua Hendrickson

MPRA Paper from University Library of Munich, Germany

Abstract: The Bullionist Controversy in the United Kingdom is one of the first debates about the determination of the price level and the exchange rate under a paper money standard. Despite the importance of the debate in the development of monetary theory, there remains little empirical evidence that uses modern, multivariate time series techniques. The evidence that does exist provides support for the Anti-Bullionist position. The purpose of this paper is to review the debate and develop a dynamic general equilibrium model that is capable of capturing key features of the 19th-century British financial system. The model is estimated using Bayesian procedures to test the competing hypotheses. The paper provides support for the Bullionist position.

Keywords: Bullionist Controversy; Quantity Theory of Money; Bayesian estimation (search for similar items in EconPapers)
JEL-codes: B22 E42 E58 N13 (search for similar items in EconPapers)
Date: 2015-04, Revised 2017-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: The Bullionist Controversy: Theory and New Evidence (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:83741

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