English, Article edition: The 1628 Castilian crydown: A test of competing theories of the price level José Isidro García de Paso

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Physical Description
  • article
Language
  • English

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Title
  • The 1628 Castilian crydown: A test of competing theories of the price level
Author
  • José Isidro García de Paso
Physical Description
  • article
Notes
  • On August 7, 1628 the Castilian government halved overnight the nominal stock of money through the 50% crydown of its copper currency. The paper argues that this helicopter lift of money is a nice historical experiment to put to the test the empirical relevance of competing theories of the price level. The experiment shows how the post-crydown behaviour of the price level predicted by the weak form fiscal theory (the so-called Sargent-Wallace theory) matches actual data better than both the strong form fiscal theory and the quantity theory (the so-called monetarist theory). Classification-JEL : E31, E42, E63, E65, N13.
  • crydown, monetarist theory, weak form fiscal theory, strong form fiscal theory.
  • RePEc:hpe:journl:y:2002:v:163:i:4:p:71-92
Language
  • English
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