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Money and inflation in colonial Massachusetts Author info | Abstract | Publisher info | Download info | Related research | Statistics Bruce D. Smith
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This article argues that the quantity theory of money is not supported by the evidence. Contrary to the quantity theory, the article says, the value of money depends primarily on how carefully it is backed. That is, the rate of inflation depends more on underlying fiscal policies than on rates of money growth. The evidence for this argument comes from a close look at the way in which the colony of Massachusetts ended a severe long-term inflation in 1750. Other British North American colonies endured similar episodes, all of which parallel some periods of severe inflation in the 20th century United States. The 18th century evidence thus contains lessons for modern monetary policy. ; Reprinted in Quarterly Review, Fall 2002 (v. 26, no. 4)
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Article provided by Federal Reserve Bank of Minneapolis in its journal Quarterly Review .
Volume (Year): (1984)
Issue (Month): Win ()
Pages:
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Handle: RePEc:fip:fedmqr:y:1984:i:win:n:v.8no.1Contact details of provider: Postal: 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291 Phone: (612) 204-5000 Web page: http://minneapolisfed.org/ More information through EDIRC
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For technical questions regarding this item, or to correct its listing, contact: (Diane Rosenberger).
Keywords: Money theory ; Economic history ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: E. Gerald Corrigan, 1980.
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Marco A. Espinosa-Vega & Steven Russell, 1997.
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