The Bullionist Controversy: An Empirical Reappraisal
The Restriction Act of 1797 in England gave rise to the Bullionist debates, which had profound consequences for the evolution of monetary economics. The aim of this paper is to attempt to shed empirical light on the several doctrinal positions characterizing the debates, invoking the modern techniques of cointegration, exogeneity, and causality-testing. The upshot of the authors' exercise is the vindication of a moderate anti-Bullionist position advocated by T. Tooke and a strong rejection of traditional Bullionist views associated with D. Ricardo and J. Wheatley. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 63 (1995)
Issue (Month): 4 (December)
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