Money and Prices in the Nineteenth Century: An Old Debate Rejoined
检验了罗斯托和刘易斯关于1797-1914年英美通胀与通缩主要由实际因素而非货币因素驱动的理论，通过分析1870-1914年小麦与其他初级产品的替代性，发现该理论缺乏实证支持。
In recent work, W. W. Rostow and W. A. Lewis have forcefully argued that real, not monetary, forces explain major periods of inflation and deflation in both the United States and Great Britain from 1797 to 1914. For them, changes in relative growth rates of agricultural and industrial output induce changes in the relative prices of major commodities and in the overall price level. A test of the substitutability of wheat for other primary products, 1870–1914, does not support the Rostow-Lewis theory.