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The bullionist controversy: a time‐series analysis
Author(s) -
Officer Lawrence H.
Publication year - 2000
Publication title -
international journal of finance and economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 39
eISSN - 1099-1158
pISSN - 1076-9307
DOI - 10.1002/1099-1158(200007)5:3<197::aid-ijfe130>3.0.co;2-a
Subject(s) - economics , econometrics , causation , contrast (vision) , position (finance) , series (stratigraphy) , mathematical economics , computer science , philosophy , paleontology , epistemology , finance , artificial intelligence , biology
The bullionist and antibullionist models of the Bank Restriction Period (1797–1821) represent early monetarist/nonmonetarist approaches to macroeconomics under a paper standard and floating exchange rate. In contrast to the existing literature, the competing models (plus a modern bullionist alternative) are presented as chains of causation linking individual hypotheses rather than simply as sets of individual hypotheses. For the first time, multivariate time‐series analysis is used to test the models, and data are much improved over previous studies. Evidence is preponderantly, though not exclusively, in favor of the antibullionist position. Copyright © 2000 John Wiley & Sons, Ltd.