A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775
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The market value of colonial New Jersey's paper money is decomposed into its real asset present value and its liquidity premium. Its real asset present value accounted for over 80 percent, whereas its value as money per se accounted for under 20, percent of its market value. Colonial paper money was
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美国国家经济研究局创建时间：
2014-02-01
