IDEAS home Printed from https://ideas.repec.org/a/ejw/journl/v15y2018i2p168-178.html
   My bibliography  Save this article

Colonial Maryland's Post-1764 Paper Money: A Reply to Ron Michener

Author

Listed:
  • Farley Grubb

Abstract

I answer Ron Michener’s criticisms of my article on colonial Maryland’s paper money regime coauthored with James Celia and published in Economic History Review in 2016. I deconstruct Michener’s criticism and locate where in the article it does and does not apply. I sort out Michener’s position on what determines a money’s value and question its coherence and logic. I also show that his position leads to an outcome that supports our position more strongly than does our own conservative approach. Finally, I explore in detail beyond the 2016 article what determined the fiat money portion of colonial Maryland’s paper money.

Suggested Citation

  • Farley Grubb, 2018. "Colonial Maryland's Post-1764 Paper Money: A Reply to Ron Michener," Econ Journal Watch, Econ Journal Watch, vol. 15(2), pages 168–178-1, May.
    • Handle: RePEc:ejw:journl:v:15:y:2018:i:2:p:168-178
    as

    Download full text from publisher

    File URL: https://econjwatch.org/File+download/1063/GrubbMay2018.pdf?mimetype=pdf
    Download Restriction: no
    File URL: https://econjwatch.org/1122
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. James Celia & Farley Grubb, 2016. "Non-legal-tender paper money: the structure and performance of Maryland's bills of credit, 1767–75," Economic History Review, Economic History Society, vol. 69(4), pages 1132-1156, November.
    2. Farley Grubb, 2015. "Colonial New Jersey's Paper Money Regime, 1709-75: A Forensic Accounting Reconstruction of the Data," Historical Methods: A Journal of Quantitative and Interdisciplinary History, Taylor & Francis Journals, vol. 48(1), pages 13-34, March.
    3. Ronald W. Michener & Robert E. Wright, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions," American Economic Review, American Economic Association, vol. 95(3), pages 682-703, June.
    4. Michener, Ron, 2015. "Redemption theories and the value of American colonial paper money," Financial History Review, Cambridge University Press, vol. 22(3), pages 315-335, December.
    5. Ronald W. Michener, 2018. "Reconsidering Colonial Maryland's Bills of Credit 1767–1775," Econ Journal Watch, Econ Journal Watch, vol. 15(2), pages 158–167-1, May.
    6. Farley Grubb, 2015. "Colonial Virginia's Paper Money Regime, 1755-1774: A Forensic Accounting Reconstruction of the Data," Working Papers 15-11, University of Delaware, Department of Economics.
    7. Rousseau, Peter L., 2006. "A common currency: early US monetary policy and the transition to the dollar," Financial History Review, Cambridge University Press, vol. 13(01), pages 97-122, April.
    8. Grubb, Farley, 2016. "Colonial New Jersey Paper Money, 1709–1775: Value Decomposition and Performance," The Journal of Economic History, Cambridge University Press, vol. 76(04), pages 1216-1232, December.
    9. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Farley Grubb, 2016. "Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775," Research in Economic History, in: Research in Economic History, volume 32, pages 147-224, Emerald Group Publishing Limited.
    2. Farley Grubb, 2020. "Colonial New Jersey’s Paper Money, 1709–1775: Why Ronald Michener Insists on Using Uncorrected Data—A Reply," Econ Journal Watch, Econ Journal Watch, vol. 17(1), pages 1-71–89, March.
    3. Farley Grubb, 2016. "Colonial Virginia's Paper Money Regime, 1755-1774: Value Decomposition and Performance," NBER Working Papers 21881, National Bureau of Economic Research, Inc.
    4. Peter L. Rousseau, 2010. "Monetary Policy and the Dollar," NBER Chapters, in: Founding Choices: American Economic Policy in the 1790s, pages 121-149, National Bureau of Economic Research, Inc.
    5. Ronald W. Michener, 2019. "Re-examination of the Empirical Evidence Concerning Colonial New Jersey's Paper Money, 1709–1775: A Comment on Farley Grubb," Econ Journal Watch, Econ Journal Watch, vol. 16(2), pages 180–217-1, September.
    6. Cutsinger, Bryan P. & Rouanet, Louis & Ingber, Joshua S., 2023. "Assignats or death: The politics and dynamics of hyperinflation in revolutionary France," European Economic Review, Elsevier, vol. 157(C).
    7. Bryan P Cutsinger & Vincent Geloso & Mathieu Bédard, 2022. "The wild card: colonial paper money in French North America, 1685 to 1719 [Economic Structure and Agricultural Productivity in Europe, 1300–1800]," European Review of Economic History, European Historical Economics Society, vol. 26(2), pages 185-207.
    8. Farley Grubb, 2021. "Colonial New Jersey's Paper Money: A Reply to Michener Again, and Again, and Again," Econ Journal Watch, Econ Journal Watch, vol. 18(1), pages 1-79–94, March.
    9. Alessio Emanuele Biondo & Roberto Cellini & Tiziana Cuccia, 2020. "Choices on museum attendance: An agent‐based approach," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 882-897, November.
    10. Trung X. Hoang & Nga V. T. Le, 2021. "Natural disasters and risk aversion: Evidence from Vietnam," Natural Resources Forum, Blackwell Publishing, vol. 45(3), pages 211-229, August.
    11. Thunström, Linda & Nordström, Jonas & Shogren, Jason F., 2015. "Certainty and overconfidence in future preferences for food," Journal of Economic Psychology, Elsevier, vol. 51(C), pages 101-113.
    12. Robert Kaestner, 1995. "The Effects of Cocaine and Marijuana Use on Marriage and Marital Stability," NBER Working Papers 5038, National Bureau of Economic Research, Inc.
    13. Carl Christian von Weizsäcker, 2011. "Homo Oeconomicus Adaptivus – Die Logik des Handelns bei veränderlichen Präferenzen," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2011_10, Max Planck Institute for Research on Collective Goods.
    14. Kanazawa, Satoshi, 2005. "Is "discrimination" necessary to explain the sex gap in earnings?," Journal of Economic Psychology, Elsevier, vol. 26(2), pages 269-287, April.
    15. Dhaval M. Dave, 2013. "Effects of Pharmaceutical Promotion: A Review and Assessment," NBER Working Papers 18830, National Bureau of Economic Research, Inc.
    16. Sascha O. Becker & Irena Grosfeld & Pauline Grosjean & Nico Voigtländer & Ekaterina Zhuravskaya, 2020. "Forced Migration and Human Capital: Evidence from Post-WWII Population Transfers," American Economic Review, American Economic Association, vol. 110(5), pages 1430-1463, May.
    17. Steven N. Durlauf, 1996. "Statistical Mechanics Approaches to Socioeconomic Behavior," NBER Technical Working Papers 0203, National Bureau of Economic Research, Inc.
    18. Manolis Galenianos & Rosalie Liccardo Pacula & Nicola Persico, 2012. "A Search-Theoretic Model of the Retail Market for Illicit Drugs," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(3), pages 1239-1269.
    19. Jonathan Guryan & Melissa S. Kearney, 2010. "Is Lottery Gambling Addictive?," American Economic Journal: Economic Policy, American Economic Association, vol. 2(3), pages 90-110, August.
    20. Borowiecki, Karol J. & Bakhshi, Hasan, 2018. "Did you really take a hit? Understanding how video games playing affects individuals," Research in Economics, Elsevier, vol. 72(2), pages 313-326.

    More about this item

    Keywords

    United States history; British colonies; Maryland; currency; redemption theory; backing theory; money; monetary history;
    All these keywords.

    JEL classification:

    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N41 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: Pre-1913
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ejw:journl:v:15:y:2018:i:2:p:168-178. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jason Briggeman (email available below). General contact details of provider: https://edirc.repec.org/data/edgmuus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.