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The Bullionist Controversy: A Time-Series Analysis

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  • Officer, Lawrence H

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.

Suggested Citation

  • Officer, Lawrence H, 2000. "The Bullionist Controversy: A Time-Series Analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(3), pages 197-209, July.
  • Handle: RePEc:ijf:ijfiec:v:5:y:2000:i:3:p:197-209
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    Cited by:

    1. Joshua R. Hendrickson, 2018. "The Bullionist Controversy: Theory and New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(1), pages 203-241, February.
    2. Nils Herger, 2017. "An empirical assessment of the Swedish Bullionist Controversy," Working Papers 17.01, Swiss National Bank, Study Center Gerzensee.

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