The Bullionist Controversy: Theory and New Evidence
回顾了英国金块论战，构建动态一般均衡模型并用贝叶斯方法估计，为金块论者立场提供了新证据。
Abstract The Bullionist Controversy in the United Kingdom is one of the first debates about the determination of the price level and the exchange rate under a paper money standard. Despite the importance of the debate in the development of monetary theory, there remains little empirical evidence that uses modern, multivariate time series techniques. The evidence that does exist provides support for the Anti‐Bullionist position. The purpose of this paper is to review the debate and develop a dynamic general equilibrium model that is capable of capturing key features of the nineteenth‐century British financial system. The model is estimated using Bayesian procedures to test the competing hypotheses. The paper provides support for the Bullionist position.