The Free Silver Movement in America: A Reinterpretation
重新解释美国自由银币运动，认为当时硬币短缺导致交易成本上升和民众抗议，而非传统观点所说的通胀主义者寻求减债。
Monetary historians have contended that Free Silver advocates were inflationists seeking debt reduction. We offer an alternative interpretation using a theory of money demand with differential returns on nominal units and a nonoptimum nominal money stock. Our explanation is more logically appealing and more consistent with contemporary evidence. The restrictive coinage laws of the period produced chronic shortages, and our empirical analysis provides clear evidence of these shortages. A shortage of coins valued at a half-day's wage and less, raised transactions costs, produced hardship and spawned protest.