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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: [email protected]. Web page: http://lerner.udel.edu/faculty-staff-directory/farley-grubb/
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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
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Copyright
Copyright © European Association for Banking and Financial History e.V. 2020

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References

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