The Price Revolution: A Monetary Interpretation
检验了货币在1525-1618年价格革命中的作用，通过格兰杰因果检验验证美洲白银流入通过货币数量论和铸币流动机制推高欧洲价格的假说。
This article presents tests of the role of money in the price revolution (1525–1618). The hypothesis is that American specie drove European prices, and that the mechanism was the quantity theory of money buttressed by the specie-flow mechanism. Specie entered Spain, increasing Spanish prices, and then spread over Western Europe as a result of the Spanish balance-of-payments deficit, enlarging European monetary bases and price levels. Empirical verification is achieved through Granger-causality tests.