Colonial Virginia's Paper Money Regime, 1755-1774: Value Decomposition and Performance
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I decompose Virginias paper money into expected real-asset present value, risk discount, and transaction premium or moneyness value. The value of Virginias paper money was determined primarily by its real-asset present value. The transaction premium was small. Positive risk discounts occurred in
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美国国家经济研究局创建时间：
2016-01-01
