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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

Ronald Michener*
Affiliation:
University of Virginia
*
Dr R. Michener, Department of Economics, University of Virginia, Monroe Hall, 248 McCormick Rd, Charlottesville, VA22903, USA: email: rwm3n@virginia.edu

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.

Type
Articles
Copyright
Copyright © European Association for Banking and Financial History e.V. 2020

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