Government Spending, Interest Rates, Prices, and Budget Deficits in the United Kingdom, 1701-1918

The British data from the early 1700s through World War I provide an unmatched opportunity for studying the effects of temporary changes in government purchases. In this paper I examine the effects of these changes on interest rates, the quantity of money, the price level, and budget deficits.18世纪早期至第一次世界大战期间的英国数据，为研究临时性政府采购变动所产生的影响提供了无与伦比的研究契机。本文将分析此类变动对利率、货币供应量、物价水平以及预算赤字所产生的影响。