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A neglected contribution to monetary theory in the eighteenth century: Anders Wappengren on paper money, floating exchange rates, and purchasing power parity

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  • Anders Ögren

Abstract

Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness.

Suggested Citation

  • Anders Ögren, 2016. "A neglected contribution to monetary theory in the eighteenth century: Anders Wappengren on paper money, floating exchange rates, and purchasing power parity," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(6), pages 870-896, November.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:6:p:870-896
    DOI: 10.1080/09672567.2016.1234148
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