Gary Pecquet () (Tulane University, New Orleans) George Davis () (Department of Economics, Miami University) Bryce Kanago () (Department of Economics, University of Northern Iowa)
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We examine the behavior of a semimonthly series of the Confederate dollar price of bank notes. These notes traded at par with Confederate dollars from October of 1861 until November 5, 1862. We use a model of the demand for two currencies to argue that this departure from par results from altered Southern expectations after the 1862 Congressional elections assured the enactment of the Emancipation Proclamation. Previously, Southerners believed a win or a negotiated settlement would allow a return to the Union intact. When these expectations changed, bank notes appreciated against Confederate dollars. In addition, our empirical work shows that notes appreciated following Northern victories.
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Volume (Year): 70 (2004) Issue (Month): 3 (January) Pages: 616-630 Download reference. The following formats are available: HTML
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