The circulating medium of exchange in colonial Pennsylvania, 1729–1775: new estimates of monetary composition, performance, and economic growth |
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Authors: | Farley Grubb |
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Institution: | Economics Department, University of Delaware, Newark, DE 19716, USA |
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Abstract: | Market transaction data are used to estimate the quantity of specie in circulation. This estimate is used to provide the first comprehensive measure of a colony's money supply and, along with data on population and prices, to retest the quantity theory of money and measure output growth using the equation of exchange. Output growth is found to depend on periodization and the extent that rising commercialization increased the velocity of circulation. Specie was becoming relatively less scarce as the Revolution approached, and movements in specie and paper currency both offset and reinforced each other depending on the period of analysis. (JEL N11, N21, E42, E51) |
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Keywords: | Specie money Paper money Quantity theory of money Economic growth Colonial America |
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