Money and Prices in Colonial America: A New Test of Competing Theories
针对殖民地美洲纸币发行大增而价格水平几乎不变这一争议，提出一种无需贵金属数据即可检验“支撑理论”与“数量理论”的方法，对货币经济学和经济史研究者有参考价值。
In a long-standing controversy over monetary experiences in colonial America, the main substantive issue concerns large and rapid increases in stocks of paper currency that were followed by negligible changes in price levels. The "backing theory" or anticlassical interpretation is that prices failed to respond to major increases in total money supplies. The "quantity theory" or classical hypothesis, by contrast, is that specie was exported in amounts that left total money stocks approximately unchanged. This paper develops and applies a strategy for resolving this fundamental disagreement despite the absence of data on stocks and flows of specie. Copyright 1992 by University of Chicago Press.