IDEAS home Printed from https://ideas.repec.org/p/cla/uclawp/774b.html
   My bibliography  Save this paper

Backed Money, Fiat Money, and the Real Bills Doctrine

Author

Listed:
  • Michael Sproul

    (UCLA)

Abstract

No abstract is available for this item.

Suggested Citation

  • Michael Sproul, 1998. "Backed Money, Fiat Money, and the Real Bills Doctrine," UCLA Economics Working Papers 774B, UCLA Department of Economics.
    • Handle: RePEc:cla:uclawp:774b
    as

    Download full text from publisher

    File URL: http://www.econ.ucla.edu/workingpapers/wp774B.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Siklos, Pierre L., 1990. "The link between money and prices under different policy regimes: The postwar Hungarian experience," Explorations in Economic History, Elsevier, vol. 27(4), pages 468-482, October.
    2. Calomiris, Charles W., 1988. "Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental," The Journal of Economic History, Cambridge University Press, vol. 48(1), pages 47-68, March.
    3. McCallum, Bennett T, 1992. "Money and Prices in Colonial America: A New Test of Competing Theories," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 143-161, February.
    4. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98, National Bureau of Economic Research, Inc.
    5. James Tobin, 1963. "Commercial Banks as Creators of 'Money'," Cowles Foundation Discussion Papers 159, Cowles Foundation for Research in Economics, Yale University.
    6. Wallace, Neil, 1981. "A Modigliani-Miller Theorem for Open-Market Operations," American Economic Review, American Economic Association, vol. 71(3), pages 267-274, June.
    7. Robert E. Hall, 1982. "Inflation: Causes and Effects," NBER Books, National Bureau of Economic Research, Inc, number hall82-1, May.
    8. Bordo, Michael D. & Marcotte, Ivan A., 1987. "Purchasing power parity in colonial America: Some evidence for South Carolina 1732-1774 a comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 27(1), pages 311-323, January.
    9. Sargent, Thomas J & Wallace, Neil, 1982. "The Real-Bills Doctrine versus the Quantity Theory: A Reconsideration," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1212-1236, December.
    10. Cunningham, Thomas J, 1992. "Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 371-383, April.
    11. Michener, Ronald, 1987. "Fixed exchange rates and the quantity theory in colonial America," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 27(1), pages 233-307, January.
    12. Taylor, Dean, 1982. "Official Intervention in the Foreign Exchange Market, or, Bet against the Central Bank," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 356-368, April.
    13. Laidler, David, 1987. "Wicksell and fisher on the "Backing" of money and the quantity theory A comment on the debate between Bruce Smith and Ronald Michener," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 27(1), pages 325-334, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Mike Sproul responds (guest post)
      by Kurt Schuler in Free Banking on 2013-12-02 07:53:05

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chuang, Shi-Feng & Huo, Teh-Ming, 2004. "Legal restrictions and sunspots: A further inquiry on the real-bills doctrine versus the quantity theory debate," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 431-442, September.
    2. Loewy Michael B., 2003. "``To Furnish an Elastic Currency'': Banking, Aggregate Risk, and Welfare," The B.E. Journal of Macroeconomics, De Gruyter, vol. 3(1), pages 1-19, March.

    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. Michael Sproul, 1998. "The Quantity Theory versus the Real Bills Doctrine in Colonial America," UCLA Economics Working Papers 775B, UCLA Department of Economics.
    2. Farley Grubb, 2003. "Two Theories of Money Reconciled: The Colonial Puzzle Revisited with New Evidence," Working Papers 03-03, University of Delaware, Department of Economics.
    3. Bruce Smith, 1988. "The relationship between money and prices: some historical evidence reconsidered," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 12(Sum), pages 18-32.
    4. 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).
    5. Michael F. Sproul, 2003. "There's No Such Thing As Fiat Money," UCLA Economics Working Papers 830, UCLA Department of Economics.
    6. Farley Grubb, 2014. "A New Approach to Explaining the Value of Colonial Paper Money: Evidence from New Jersey, 1709-1775," Working Papers 14-08, University of Delaware, Department of Economics.
    7. Farley Grubb, 2014. "A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775," NBER Working Papers 19903, National Bureau of Economic Research, Inc.
    8. David Laidler, 1991. "The Quantity Theory is Always and Everywhere Controversial—Why?," The Economic Record, The Economic Society of Australia, vol. 67(4), pages 289-306, December.
    9. Gary Pecquet & Clifford Thies, 2010. "Money in occupied New Orleans, 1862–1868: A test of Selgin’s “salvaging” of Gresham’s Law," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 111-126, June.
    10. P. Antipa & C. Chamley, 2017. "Monetary and Fiscal Policy in England during the French Wars (1793-1821)," Working papers 627, Banque de France.
    11. Stanley Fischer, 1982. "A Framework for Monetary and Banking Analysis," NBER Working Papers 0936, National Bureau of Economic Research, Inc.
    12. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
    13. Ronald W. Michener & Robert E. Wright, 2006. "Miscounting Money of Colonial America," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 4-44, January.
    14. McCallum, Bennett T, 1992. "Money and Prices in Colonial America: A New Test of Competing Theories," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 143-161, February.
    15. 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.
    16. Highfield, Richard A. & O'Hara, Maureen & Smith, Bruce, 1996. "Do open market operations matter? Theory and evidence from the Second Bank of the United States," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 479-519.
    17. Gary M. Pecquet & Clifford F. Thies, 2006. "Texas Treasury Warrants, 1861-1865: A Test Of The Tax-Backing Of Money," Eastern Economic Journal, Eastern Economic Association, vol. 32(2), pages 191-203, Spring.
    18. Peter L. Rousseau, 2007. "Backing, the Quantity Theory, and the Transition to the US Dollar, 1723–1850," American Economic Review, American Economic Association, vol. 97(2), pages 266-270, May.
    19. Farley Grubb, 2006. "Theory, Evidence, and Belief—The Colonial Money Puzzle Revisited: Reply to Michener and Wright," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 45-72, January.
    20. 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.

    More about this item

    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:cla:uclawp:774b. 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: David K. Levine (email available below). General contact details of provider: http://www.econ.ucla.edu/ .

    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.