Reconstruction of money supply over the long run: the case of England, 1270–1870
本文提出了两种估算英格兰六百年间硬币和货币供给的方法，直接法测量政府提供的法定硬币，间接法结合名义GDP和货币流通速度估算M2，为其他经济体类似数据重建提供参考。
Abstract This article provides a time series of coin and money supply estimates for six hundred years of English history. Two main estimation methods are proposed. The first (the direct method) is used to measure the value of government‐provided, legal‐tender coin supply only. Two varieties of the direct method are proposed. Additionally, an indirect method is proposed which relies on a combination of information about nominal GDP with an assumption regarding the evolution of velocity in time, and which can be used to calculate coin supply and M2. Both methods rely on benchmark values known for certain years, but no particular benchmark is determinant for the results. The new methodologies set out here may serve as a blueprint for a similar reconstruction of coin and money supply series for other economies for which analogous data are available.