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Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory

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  • Cunningham, Thomas J

Abstract

Researchers interested in testing between the Real Bills doctrine and the quantity theory approach to inflation in the face of rapid, deficit-financing money growth are confronted by an observation equivalence problem. This paper identifies a data set that resolves the dilemma and tests the two inflation models. The results provide clear evidence supporting the Real Bills doctrine, that the value of assets backing money determines its value, over the quantity theory. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Cunningham, Thomas J, 1992. "Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 371-383, April.
    • Handle: RePEc:oup:ecinqu:v:30:y:1992:i:2:p:371-83
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    Cited by:

    1. Philipp Bagus & Markus H. Schiml, 2010. "A Cardiograph of the Dollar's Quality: Qualitative Easing and the Federal Reserve Balance Sheet During the Subprime Crisis," Prague Economic Papers, Prague University of Economics and Business, vol. 2010(3), pages 195-217.
    2. Bagus, Philipp & Howden, David, 2009. "The Federal Reserve System and Eurosystem's Balance Sheet Policies During the Financial Crisis: A Comparative Analysis," MPRA Paper 79588, University Library of Munich, Germany.
    3. Bagus, Philipp & Howden, David, 2016. "Central Bank Balance Sheet Analysis," MPRA Paper 79801, University Library of Munich, Germany.
    4. Philipp Bagus & Markus H. Schiml, 2009. "New Modes Of Monetary Policy: Qualitative Easing By The Fed," Economic Affairs, Wiley Blackwell, vol. 29(2), pages 46-49, June.
    5. Michael Sproul, 1998. "Backed Money, Fiat Money, and the Real Bills Doctrine," UCLA Economics Working Papers 774B, UCLA Department of Economics.
    6. Rohan Baxter, 1993. "The Loans Standard Model of Credit Money," Working Papers 93/183, Monash University, Department of Compter Studies.
    7. Bagus, Philipp & Howden, David, 2009. "Qualitative Easing in Support of a Tumbling Financial System: A Recent Look at the Eurosystem´s Recent Balance Sheet Policies," MPRA Paper 79587, University Library of Munich, Germany.
    8. Boyd, John H. & Smith, Bruce D., 1997. "Capital Market Imperfections, International Credit Markets, and Nonconvergence," Journal of Economic Theory, Elsevier, vol. 73(2), pages 335-364, April.
    9. Philipp Bagus & David Howden, 2009. "Qualitative Easing In Support Of A Tumbling Financial System: A Look At The Eurosystem'S Recent Balance Sheet Policies," Economic Affairs, Wiley Blackwell, vol. 29(4), pages 60-65, December.

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