Colonial New Jersey Paper Money, 1709–1775: Value Decomposition and Performance
将殖民地新泽西纸币的市场价值分解为真实资产现值与交易溢价两部分，发现其价值主要由真实资产现值决定，且存在与流通量和土地银行发行方式正相关的小额交易溢价，纸币并非法定货币，折价源于时间贴现而非贬值。
I decompose the market value of Colonial New Jersey's paper money into its component parts, namely its real-asset present value and transaction premium. Its market value was predominately determined by its real-asset present value. I also find a small transaction premium that is positively associated with the quantity of paper money in circulation and with the land-bank method of paper money injection. This paper money was not a fiat currency. It traded below face value due to time-discounting not depreciation.