The Price Revolution: A Monetary Interpretation
- 1 December 1989
- journal article
- research article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 49 (4) , 883-902
- https://doi.org/10.1017/s0022050700009487
Abstract
This article presents tests of the role of money in the price revolution (1525–1618). The hypothesis is that American specie drove European prices, and that the mechanism was the quantity theory of money buttressed by the specie-flow mechanism. Specie entered Spain, increasing Spanish prices, and then spread over Western Europe as a result of the Spanish balance-of-payments deficit, enlarging European monetary bases and price levels. Empirical verification is achieved through Granger-causality tests.Keywords
This publication has 23 references indexed in Scilit:
- Explorations in Monetary History: A Survey of the LiteraturePublished by National Bureau of Economic Research ,1986
- New Estimates of the Money Stock in France, 1493–1680The Journal of Economic History, 1985
- English Population, Wages, and Prices: 1541--1913Journal of Interdisciplinary History, 1985
- Seven Centuries of Real Income Per Wage-Earner Reconsidered: A NoteEconomica, 1982
- Trends and random walks in macroeconmic time seriesJournal of Monetary Economics, 1982
- The Casual Causal Relationship Between Money and Income: Some Caveats for Time Series AnalysisThe Review of Economics and Statistics, 1979
- Statistical predictor identificationAnnals of the Institute of Statistical Mathematics, 1970
- The Price Revolution ReconsideredThe Economic History Review, 1964
- Seven Centuries of the Prices of Consumables, Compared with Builders' Wage- RatesEconomica, 1956
- A Comparison of Industrial Growth in France and England From 1540 to 1640Journal of Political Economy, 1936