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influences asset markets, develop a model of this mechanism, and assess the ability of the quantitative theory to match the …
Persistent link: https://www.econbiz.de/10012480757
The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies … in circulation and prices are found. The failure of the quantity theory of money to explain the value and performance of …
Persistent link: https://www.econbiz.de/10012456483
The 1990s Sudden Stops in emerging markets were a harbinger for the 2008 global financial crisis. During Sudden Stops, countries lost access to credit, causing abrupt current account reversals, and suffered Great Recessions. This paper reviews a class of models that yields quantitative...
Persistent link: https://www.econbiz.de/10012459300
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...
Persistent link: https://www.econbiz.de/10012460623
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for …
Persistent link: https://www.econbiz.de/10012462263
on prices -- so much so that the colony's experience is sometimes seen as violating the classical quantity theory of … explained by the quantity theory in both periods, despite the differences in institutional arrangements, once growth in …
Persistent link: https://www.econbiz.de/10012465821
The purported failure of the classical quantity theory of money in the colonial economy is shown to be a failure of … data and not a failure of theory. When new data on the quantity of specie in circulation is added to the current data on … regarding the performance of the classical quantity theory of money in the colonial economy disappears. How paper money was …
Persistent link: https://www.econbiz.de/10012466887
produce the quantity theory of money and the fiscal theory of the price level …
Persistent link: https://www.econbiz.de/10012469629
paper currency. According to the "quantity theory" or classical hypothesis, total money stock magnitudes did not rise …--as suggested by standard commodity-money analysis. According to the "backing theory" or anti-classical hypothesis, by contrast …
Persistent link: https://www.econbiz.de/10012475650
Persistent link: https://www.econbiz.de/10001511630