Monetization and growth in colonial New England, 1703–1749

Rousseau, Peter L.; Stroup, Caleb

doi:10.1016/j.eeh.2011.09.001

Cited by 19 publications

(5 citation statements)

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“…4 See Goldberg (2009); Grubb (2003Grubb ( , 2004Grubb ( , 2010Grubb ( , 2012; Hanson (1979); McCallum (1992); Michener (1987Michener ( , 1988; Wright (2005, 2006); Officer (2005); Perkins (1988, pp. 163-86); Rousseau (2006Rousseau ( , 2007; Rousseau and Stroup (2011); Smith (1985aSmith ( , 1985b; Sumner (1993); West (1978); Wicker (1985). The classical quantity theory of money, at least a prominent version, takes the equation-of-exchange identity, MV = PY, as expressed in growth rates, ln(M) + ln(V) = ln(P) + ln(Y), and by assuming that ln(V) and ln(Y) are long-run constants transforms it into the quantity "theory" of money [ln(P) = some constant + ln(M)]; where M = the money supply, V = the velocity of that money's circulation, P = prices in that money, and Y = traded real output (Bordo 1987;Fisher 1912).…”

Section: Appendixmentioning

confidence: 99%

Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

Grubb¹

2016

Research in Economic History

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The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand, colonial governments experimented with other ways to anchor their paper monies to real values in the economy. These mechanisms included tax-redemption, land-backed loans, sinking funds, interest-bearing notes, and legal tender laws. The structure and performance of these mechanisms are explained and assessed. This was monetary experimentation on a grand scale.

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Section: Appendixmentioning

confidence: 99%

Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

Grubb¹

2016

Research in Economic History

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“…While no method is without its weaknesses, the SVAR model approach is the most commonly used with extensive applications in in economic history (see for example, Perry & Vernengo, 2013;Rousseau & Stroup, 2011;Sabaté, Gadea, & Escario, 2006;Shibamoto & Shizume, 2014), economics (see for example, Auerbach & Gorodnichenko, 2012;Bakaert, Hoerova, & Duca, 2013;Cheng & Yang, 2020;Christiano et al, 1999), and among policy organisations such as OECD and central banks (see for example Jensen & Pedersen, 2019;Kim, 2017;Villani & Varne, 2003). The use of the high-frequency method is of course limited in economic history where the access to minuteby-minute trading data is rare.…”

Section: Econometric Methods and Datamentioning

confidence: 99%

The quest for economic stability: a study on Swedish stabilisation policies 1873–2019

Andersson

2021

Scandinavian Economic History Review

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This paper explores the evolution of Swedish stabilisation policies through six policy regimes between 1873 and 2019. We focus on discretionary policy decisions by estimating policy shocks using a SVAR model. Through these shocks, we explore how stabilisation policies have evolved over time and how policymakers responded to key economic events such as financial crises and wars. Our results show three key results (i) policies are often a source of destabilisation rather than stabilisation, (ii) regimes are designed for a specific time and ends when economic circumstances change, and (iii) fixed exchange rates worsen the economic effects of financial crises.

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“…For example, see Grubb (2004Grubb ( , 2006aGrubb ( , 2006b; Hanson (1979);McCallum (1992); Michener (1987Michener ( , 1988; Michener andWright (2006a, 2006b); Officer (2005);Perkins (1988, 163-86); Rousseau and Stroup (2011);Smith (1985aSmith ( , 1985bSmith ( , 1988; Sumner (1993); Weiss (1970); West (1978); .…”

Section: Acknowledgmentsmentioning

confidence: 98%

Colonial New Jersey's Paper Money Regime, 1709–75: A Forensic Accounting Reconstruction of the Data

Grubb

2015

Historical Methods: A Journal of Quantitative and Interdiscipli

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Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated and the amounts actually executed. These data are substantial improvements over what currently exists in the literature. They also provide a more complete and nuanced accounting of colonial New Jersey's paper money regime than what has been done previously for any British North American colony. Enough detail of the forensic accounting exercise is given for scholars to reproduce the data series from the original sources.

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Monetization and growth in colonial New England, 1703–1749

Cited by 19 publications

References 19 publications

Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

The quest for economic stability: a study on Swedish stabilisation policies 1873–2019

Colonial New Jersey's Paper Money Regime, 1709–75: A Forensic Accounting Reconstruction of the Data

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