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A re-examination of the empirical evidence concerning colonial Virginia's paper money, 1755-1774: a comment on Grubb
Published online by Cambridge University Press: 08 January 2020
Abstract
Farley Grubb's recent article in the Financial History Review contains econometric results designed to support his theoretical propositions concerning the paper money of the American colonies. This comment demonstrates that some of his results are spurious and the rest are based on using incorrect testing procedures and incorrect critical values of test statistics.
JEL classification
E51: Money Supply • Credit • Money Multipliers
E42: Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems
E59: Other
G12: Asset Pricing • Trading Volume • Bond Interest Rates
N41: U.S. • Canada: Pre-1913
N21: U.S. • Canada: Pre-1913
N11: U.S. • Canada: Pre-1913
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- Copyright
- Copyright © European Association for Banking and Financial History e.V. 2020
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