Hostname: page-component-848d4c4894-ndmmz Total loading time: 0 Render date: 2024-06-03T08:48:00.641Z Has data issue: false hasContentIssue false
  • English
  • Français

Colonial Virginia's paper money, 1755–1774: a reply to Michener

Published online by Cambridge University Press:  08 January 2020

Farley Grubb Open the ORCID record for Farley Grubb [Opens in a new window]
Farley Grubb*
Affiliation:
University of Delaware
*
The author is professor and NBER research associate, Economics Department, University of Delaware, Newark, DE19716, USA; email: grubbf@udel.edu. Web page: http://lerner.udel.edu/faculty-staff-directory/farley-grubb/
Get access Rights & Permissions [Opens in a new window]

Abstract

Ron Michener takes issue with my approach to and analysis of colonial Virginia's paper money. He objects to how I calculate the paper money's asset present value when the paper money is hypothesized to be zero-coupon and interest-bearing bonds. He questions my data on the amount of Virginia's paper money in circulation, and he objects to the econometric treatment I apply to my model of that money's performance. He, however, presents no alternative data constructions, or any alternative explanations for the patterns in the data, nor does he present any alternative hypotheses or do any hypothesis testing to account for the level and movement in the value of Virginia's paper money.

Type
Articles
Information
Financial History Review , Volume 26 , Issue 3 , December 2019 , pp. 401 - 408
Check for updates
Copyright
Copyright © European Association for Banking and Financial History e.V. 2020

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Cutsail, C. and Grubb, F. (2017). The paper money of colonial North Carolina, 1712-1774. NBER Working Paper no. 23783. www.nber.org/papers/w23783CrossRefGoogle Scholar
Grubb, F. (2005). State ‘currencies’ and the transition to the US dollar: reply – including a new view from Canada. American Economic Review, 95, pp. 1341–8.CrossRefGoogle Scholar
Grubb, F. (2006a). Theory, evidence, and belief – the colonial money puzzle revisited: reply to Michener and Wright. Econ Journal Watch, 3, pp. 45–72.Google Scholar
Grubb, F. (2006b). Benjamin Franklin and colonial money: a reply to Michener and Wright – yet again. Econ Journal Watch, 3, pp. 484–510.Google Scholar
Grubb, F. (2016). Is paper money just paper money? Experimentation and variation in the paper monies issued by the American colonies from 1690 to 1775. Research in Economic History, 32, pp. 147–224.CrossRefGoogle Scholar
Grubb, F. (2017). Colonial Virginia's paper money regime, 1755–1774: a forensic accounting reconstruction of the data. Historical Methods, 50, pp. 96–112.CrossRefGoogle Scholar
Grubb, F. (2018a). Colonial Virginia's paper money, 1755–1774: value decomposition and performance. Financial History Review, 25, pp. 113–40.CrossRefGoogle Scholar
Grubb, F. (2018b). Colonial Maryland's post-1764 paper money: a reply to Ron Michener. Econ Journal Watch, 15, pp. 168–78.Google Scholar
Grubb, F. (2019). Colonial American paper money and the quantity theory of money: an extension. Social Science History, 43, pp. 185–207.CrossRefGoogle Scholar
Michener, R. W. (2018). Reconsidering colonial Maryland's bills of credit 1767–1775. Econ Journal Watch, 15, pp. 158–67.Google Scholar
Michener, R. W. and Wright, R. E. (2005). State ‘currencies’ and the transition to the US dollar: clarifying some confusions. American Economic Review, 95, pp. 682–703.CrossRefGoogle Scholar
Michener, R. W. and Wright, R. E. (2006a). Miscounting money of colonial America. Econ Journal Watch, 3, pp. 4–44.Google Scholar
Michener, R. W. and Wright, R. E. (2006b). Farley Grubb's noisy evasions on colonial money: a rejoinder. Econ Journal Watch, 3, pp. 251–74.Google Scholar