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Colonial New Jersey’s Paper Money, 1709–1775: Why Ronald Michener Insists on Using Uncorrected Data—A Reply


  • Farley Grubb


Ronald Michener (2019a) objects to my work on colonial New Jersey’s paper money. He objects to how I calculate the money’s asset present value, to how I calculate the money’s market exchange value, to how I correct exchange rate data, and to the econometric treatment I apply to that money’s performance. In short, he objects to everything I do regarding colonial paper money and to the fact that I was allowed to publish anything on that topic in the first place. I show that his objections are erroneous. He does not understand how I constructed the data nor how I modeled monetary performance. His econometric objections amount to applying the usual tricks to drive estimated coefficients toward statistical insignificance. Michener’s objection to my corrections to the exchange rate data rests on his disregard of economic and mathematical theory. For Michener, demand curves slope up and the rules of long division do not hold.

Suggested Citation

  • 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.
  • Handle: RePEc:ejw:journl:v:17:y:2020:i:1:p:71-89

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    References listed on IDEAS

    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. Grubb, Farley, 2008. "The Continental Dollar: How Much Was Really Issued?," The Journal of Economic History, Cambridge University Press, vol. 68(1), pages 283-291, March.
    3. Ronald W. Michener & Robert E. Wright, 2006. "Farley Grubb’s Noisy Evasions on Colonial Money: A Rejoinder," Econ Journal Watch, Econ Journal Watch, vol. 3(2), pages 251-274, May.
    4. 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.
    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.
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    More about this item


    United States history; British colonies; currency; redemption theory; monetary history;

    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


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