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

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  • Farley Grubb

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.

Suggested Citation

  • Farley Grubb, 2016. "Colonial American Paper Money and the Quantity Theory of Money: An Extension," NBER Working Papers 22192, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:22192
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    Cited by:

    1. Rosenbloom, Joshua L., 2018. "The Colonial American Economy," ISU General Staff Papers 201802270800001002, Iowa State University, Department of Economics.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913

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