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Theory, Evidence, and Belief—The Colonial Money Puzzle Revisited: Reply to Michener and Wright

Listed author(s):
  • Farley Grubb

Econ Journal Watch contacted me for the first time about this exchange just one month before this appears. I had about two weeks to write this reply such that it would appear along with the Michener and Wright comment published here, rather than in the subsequent issue. Because I believe for readers’ sake that authors should reply and should follow hard on the heels of their attackers, I have had to work in sudden haste. I apologize in advance for the reply’s rough and unpolished hue.

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Article provided by Econ Journal Watch in its journal Econ Journal Watch.

Volume (Year): 3 (2006)
Issue (Month): 1 (January)
Pages: 45-72

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Handle: RePEc:ejw:journl:v:3:y:2006:i:1:p:45-72
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  1. Calomiris, Charles W., 1988. "Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental," The Journal of Economic History, Cambridge University Press, vol. 48(01), pages 47-68, March.
  2. Farley W. Grubb, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Reply—Including a New View from Canada," American Economic Review, American Economic Association, vol. 95(4), pages 1341-1348, September.
  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. 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.
  5. Calomiris, Charles W., 1988. "The Depreciation of the Continental: A Reply," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 693-698, September.
  6. Farley Grubb, 2003. "Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?," American Economic Review, American Economic Association, vol. 93(5), pages 1778-1798, December.
  7. Michener, Ron, 1988. "Backing Theories and the Currencies of Eighteenth-Century America: A Comment," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 682-692, September.
  8. Wicker, Elmus, 1985. "Colonial Monetary Standards Contrasted: Evidence from the Seven Years' War," The Journal of Economic History, Cambridge University Press, vol. 45(04), pages 869-884, December.
  9. Smith, Bruce D, 1985. "Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1178-1211, December.
  10. Richard A. Lester, 1938. "Currency Issues to Overcome Depressions in Pennsylvania, 1723 and 1729," Journal of Political Economy, University of Chicago Press, vol. 46, pages 324-324.
  11. Ronald W. Michener & Robert E. Wright, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions," American Economic Review, American Economic Association, vol. 95(3), pages 682-703, June.
  12. Bruce D. Smith, 1985. "American Colonial Monetary Regimes: The Failure of the Quantity Theory and Some Evidence in Favour of an Alternative View," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 531-565, August.
  13. 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.
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