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Understanding Greenback Inflation and Deflation
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adjustment aggregates asset-pricing approach Calomiris changes commercial paper rates commodity Congress constraints contemporaneous correlation CPR LDEP LWP currency deficits deflation deposits depreciation Economic effect endogenous equilibrium exchange rate determination exogenous fiduciary currency Financial Assets fiscal policy forecast variance Friedman and Schwartz future gold price government bonds government debt government's Granger causality greenback supply greenbacks important inflation interest rates Jan.-June July-Dec LBLEX LEX CPR LDEP liquidity LLIAB LNET LORTN market efficiency middle colonies monetarist monetary scarcity money balances money demand money supply national bank notes nominal money nominal note nominal supply note issue note supply notes and greenbacks notes per 1311 numeraire paper money partial autocorrelation path period predictive price index price level profit quantity theory random walk ratio rational expectations real balances real demand real money redemption Residuals resumption expectations RLPR Section specie Table tax-based taxation trade variables Version volatility wealth effects