Essays in Economic History: Purchasing Power Parity, Standard of Living, and Monetary Standards
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Springer International Publishing AG
2022
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| Ausgabe: | 1st ed |
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| Online-Zugang: | HWR01 |
| Beschreibung: | Description based on publisher supplied metadata and other sources |
| Beschreibung: | 1 Online-Ressource (544 Seiten) |
| ISBN: | 9783030959258 |
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| 100 | 1 | |a Officer, Lawrence H. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Essays in Economic History |b Purchasing Power Parity, Standard of Living, and Monetary Standards |
| 250 | |a 1st ed | ||
| 264 | 1 | |a Cham |b Springer International Publishing AG |c 2022 | |
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| 505 | 8 | |a Intro -- Preface -- References -- Previous Books of Lawrence H. Officer -- Contents -- List of Figures -- List of Tables -- Part I Purchasing Power Parity: Origin and Use -- 1 Salamancans and Gerard Malynes -- 1.1 Salamanca School, Tudor Period -- 1.1.1 Salamanca School -- 1.1.2 Tudor Period -- Notes -- References -- 1.2 Malynes, Gerard De (fl. 1586-1623) -- Selected Works of Malynes -- References -- 2 Gustav Cassel -- 2.1 From Salamancans/Malynes to Cassel -- 2.2 The Impact of Cassel -- 2.3 Motivation for Cassel's PPP Theory -- 2.4 Quantity Theory of Money -- 2.5 Price-Level Concept -- 2.6 Absolute-PPP Theory -- 2.7 Relative-PPP Theory -- 2.8 Digression: Error Term in PPP Theory -- 2.9 Flexibility of PPP -- 2.10 Policy Implications -- Notes -- References -- 3 Purchasing Power Parity in Economic History -- 3.1 Introduction -- 3.2 Categorization of Purchasing-Power-Parity Theories -- 3.3 Historical Application of PPP: Premodern Periods -- 3.3.1 Ancient Period -- 3.3.2 Medieval Period -- 3.3.3 Sixteenth-Century Spain -- 3.4 Techniques of Testing PPP Theory in Economic-History Literature -- 3.4.1 Comparative-Static Computation -- 3.4.2 Regression Analysis -- 3.4.3 Testing for Causality -- 3.4.4 Nonstationarity and Spurious Regression -- 3.4.5 Testing for Stationarity -- 3.4.6 Cointegration Analysis -- 3.5 Price Variable in PPP Computations -- 3.6 Modern Period: Testing of PPP -- 3.6.1 Early North America -- 3.6.2 Bullionist Periods -- 3.6.3 Floating Rates-Second-Half of Nineteenth Century -- 3.6.4 Classic Metallic Standards -- 3.6.5 World War I -- 3.6.6 Floating Rates-1920s -- 3.6.7 1930s -- 3.6.8 Interwar Period -- 3.6.9 Spain-Long Term -- 3.6.10 Guatelmala-Long Term -- 3.7 Analysis of U.S. Return to Gold Standard in 1879 -- 3.8 Establishment and Assessment of a Fixed Exchange Rate in Interwar Period -- 3.8.1 United Kingdom -- 3.8.2 France | |
| 505 | 8 | |a 3.9 Conclusions -- Notes -- References -- 4 Afterword to Part I -- 4.1 Salamancans and Gerard Malynes (Chapter 1) -- 4.2 Gustav Cassel (Chapter 2) -- 4.3 Other Studies (Chapter 3 Extended) -- Notes -- References -- Part II Purchasing Power Parity: Empirical Studies -- 5 Absolute and Relative Purchasing Power Parity -- 5.1 The Relationship Between Absolute and Relative Purchasing Power Parity -- 5.1.1 Proof That the Restated PPP Theory Is Not a Truism -- 5.1.2 Alternative Price-Level Concepts of PPP -- 5.1.3 Empirical Analysis of the Strong PPP and Naive Models -- 5.1.4 Empirical Analysis of the Weak PPP and Naive Models -- Appendix: The Data -- Absolute PPP -- GDP Deflator -- Consumer Price Index -- Notes -- References -- 6 Law of One Price -- 6.1 The Law of One Price Cannot Be Rejected: Two Tests Based on the Tradable/Nontradable Price Ratio -- 6.1.1 Introduction -- 6.1.2 Law of One Price -- 6.1.3 Critique of Empirical Literature -- 6.1.4 A Model of PPP and the Tradable/Nontradable Price Ratio -- 6.1.4.1 Derivation of PPP/Exchange-Rate Relationship -- 6.1.4.2 Generation of Estimable Equation -- 6.1.4.3 Limitations of PPP Concept -- 6.1.5 The Sample -- 6.1.5.1 Selection of PPP Measure -- 6.1.5.2 Selection of PN/PT Measure -- 6.1.5.3 Selection of Sample -- 6.1.6 Test of Equality of Prices of Tradables and Nontradables -- 6.1.6.1 Estimation Technique -- 6.1.6.2 Estimation of Equation (6.5) -- 6.1.6.3 Performance of Equation Outside of Sample -- 6.1.7 Test of Equality of Prices of Tradables Across Countries -- 6.1.7.1 Motivation of Test Procedure -- 6.1.7.2 Alternative Methods of Predicting PPP/R -- 6.1.7.3 Comparison with Naive Model -- 6.1.8 Validity of Tradable/Nontradable Distinction -- 6.1.9 Concluding Comments -- Appendix: The Data -- Notes -- References -- 7 National Price Level -- 7.1 The National Price Level: Theory and Estimation | |
| 505 | 8 | |a 7.1.1 Conventional Approach to the National Price Level -- 7.1.2 The Various PPP Indexes -- 7.1.3 Issues of Theory and Estimation -- 7.1.4 Econometric Approximation of PL-P Analytical Relationship -- 7.1.5 Explanatory Variables for the Nontradable/Tradable Price-Level Ratio and the National Price Level -- 7.1.6 Alternative Estimators of the National Price Level -- 7.1.7 Relative Importance of Determinants of the National Price Level -- 7.1.8 Principal Conclusions -- Appendix: The Data -- Notes -- References -- 8 Afterword to Part II -- 8.1 Absolute and Relative PPP (Chapter 5) -- 8.2 Law of One Price (Chapter 6) -- 8.3 National Price Level (Chapter 7) -- Notes -- References -- Part III Standard of Living -- 9 Terms of Trade -- 9.1 Prelude -- 9.1.1 New Historical Balance of Payments -- 9.1.2 Openness of Economy -- 9.1.3 Goods-Versus-Services Economy -- 9.2 Construction of Series -- 9.2.1 Method -- 9.2.2 Goods -- 9.2.3 Services -- 9.2.3.1 Transportation -- 9.2.3.2 Travel -- 9.2.3.3 Passenger-Ship Revenue -- 9.2.3.4 Financial Transactions -- 9.2.3.5 Military Expenditures Abroad -- 9.2.3.6 Non-Imported Slave Purchases -- 9.3 Interpretation -- Notes -- References -- 10 Consumer Price Index -- 10.1 Foreign Travel in United States -- 10.1.1 Food -- 10.1.2 Alcohol -- 10.1.3 Rent -- 10.1.4 Transportation -- 10.1.5 Total Index -- Notes -- References -- 10.2 The Cost of Living in America: A Political History of Economic Statistics, 1880-2000 -- 11 Compensation of Manufacturing Workers -- 11.1 Nominal Compensation, Real Compensation, and Standard of Living -- 11.1.1 Compensation and Its Components -- 11.1.2 Standard of Living: Alternative Measures -- 11.1.3 Standard of Living: Comparison with Other Studies -- 11.1.4 Concluding Comments -- References -- 12 Afterword to Part III -- 12.1 Relationship to MeasuringWorth -- 12.2 Terms of Trade (Chapter 9) | |
| 505 | 8 | |a 12.3 Value of Consumer Bundle -- 12.4 Consumer Price Index (Chapter 10) -- 12.5 Compensation of Manufacturing Workers (Chapter 11) -- 12.5.1 Reception -- 12.5.2 Data Series -- Notes -- References -- Part IV Fixed-Rate Monetary Standards -- 13 Metallic Standards -- 13.1 Gold Standard -- 13.1.1 Types of Gold Standard -- 13.1.2 Countries on the Classical Gold Standard -- 13.1.3 Elements of Instability in Classical Gold Standard -- 13.1.4 Automatic Force for Stability: Price Specie-Flow Mechanism -- 13.1.5 Rules of the Game -- 13.1.6 Reason for Stability: Credible Commitment to Convertibility -- 13.1.7 Implications of Credible Commitment -- 13.1.8 Government Policies that Enhanced Stability -- 13.1.9 Experience of Periphery -- 13.1.10 Breakdown of Classical Gold Standard -- 13.1.11 Return to the Gold Standard -- 13.1.12 Instability of Interwar Gold Standard -- 13.1.13 Breakdown of Interwar Gold Standard -- References -- 13.2 Silver Standard -- 13.2.1 Definition of Silver Standard -- 13.2.2 Countries on Silver Standard to 1870 -- 13.2.3 Asian Abandonment of Silver Standard Prior to World War I -- 13.2.4 Termination of Silver Standard -- References -- 13.3 Bimetallism -- 13.3.1 The Nature of Bimetallism -- 13.3.2 Advantages and Disadvantages of Bimetallism -- 13.3.3 Theories of Bimetallic Stabilization -- 13.3.4 Bimetallism Prior to the 19th Century -- 13.3.5 Bimetallic France in the 19th Century -- References -- 14 Classical Gold Standard -- 14.1 International Monetary Regimes: The Gold Standard -- 14.1.1 Introduction -- 14.1.2 Countries on Gold Standard -- 14.1.2.1 Legal Versus Effective Monetary Standard -- 14.1.2.2 Center Country -- 14.1.2.3 Other Core Countries -- 14.1.2.4 Periphery -- 14.1.2.5 Why the Scramble to Gold? -- 14.1.3 Characteristics of Gold Standard -- 14.1.3.1 Domestic Gold Standard -- 14.1.3.2 International Gold Standard | |
| 505 | 8 | |a 14.1.4 Implications for Money Supply and Automatic Correctives -- 14.1.4.1 Traditional Mechanism -- 14.1.4.2 Monetary Mechanism -- 14.1.5 Sources of Instability of the Gold Standard -- 14.1.6 Rules of the Game -- 14.1.6.1 The Rules -- 14.1.6.2 Discount-Rate Rule -- 14.1.6.3 Sterilization Was Dominant -- 14.1.6.4 Was the Bank of England Supreme? -- 14.1.7 Stability of Gold Standard -- 14.1.7.1 Private-Sector Credibility in Convertibility -- 14.1.7.2 Reasons Why Commitment to Convertibility Was so Credible -- 14.1.7.3 Rareness of Violations of Gold Points -- 14.1.7.4 Stabilizing Speculation -- 14.1.7.5 Government Policies that Enhanced Gold-Standard Stability -- 14.1.8 Experience of Periphery -- 14.1.9 Performance -- 14.1.10 Breakdown of Gold Standard -- References -- 15 Bretton Woods System -- 15.1 A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform -- 16 Afterword to Part IV -- 16.1 Metallic Standards (Chapter 13) -- 16.2 Classical Gold Standard (Chapter 14) -- 16.3 Interwar Gold Standard (Chapter 13) -- 16.4 Silver Standard, Bimetallism (Chapter 13) -- 16.5 Bretton Woods System (Chapter 15) -- 16.6 Further Discussion -- Notes -- References -- Part V Anglo-American Monetary Standards -- 17 American Monetary Standard -- 17.1 Unit of Account -- 17.2 Metallic Content of the Dollar and Coinage Denominations -- 17.3 Legal-Tender Status of Coin -- 17.4 Convertibility of Government/Central-Bank Paper into Coin -- 17.5 Nature of Coinage -- 17.6 Provision of Bars -- 17.7 Convertibility of Banknotes and Bank Deposits -- 17.8 Legal Versus Effective Monetary Standards -- 17.9 Paper Standards -- Notes -- References -- 18 British Monetary Standard -- 18.1 Unit of Account -- 18.2 Mint Price and Coins Struck -- 18.3 Legal-Tender Status of Coin -- 18.4 Convertibility of Government/Central-Bank Paper into Coin | |
| 505 | 8 | |a 18.5 Nature of Coinage | |
| 650 | 4 | |a Economic history | |
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Datensatz im Suchindex
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| author | Officer, Lawrence H. |
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| contents | Intro -- Preface -- References -- Previous Books of Lawrence H. Officer -- Contents -- List of Figures -- List of Tables -- Part I Purchasing Power Parity: Origin and Use -- 1 Salamancans and Gerard Malynes -- 1.1 Salamanca School, Tudor Period -- 1.1.1 Salamanca School -- 1.1.2 Tudor Period -- Notes -- References -- 1.2 Malynes, Gerard De (fl. 1586-1623) -- Selected Works of Malynes -- References -- 2 Gustav Cassel -- 2.1 From Salamancans/Malynes to Cassel -- 2.2 The Impact of Cassel -- 2.3 Motivation for Cassel's PPP Theory -- 2.4 Quantity Theory of Money -- 2.5 Price-Level Concept -- 2.6 Absolute-PPP Theory -- 2.7 Relative-PPP Theory -- 2.8 Digression: Error Term in PPP Theory -- 2.9 Flexibility of PPP -- 2.10 Policy Implications -- Notes -- References -- 3 Purchasing Power Parity in Economic History -- 3.1 Introduction -- 3.2 Categorization of Purchasing-Power-Parity Theories -- 3.3 Historical Application of PPP: Premodern Periods -- 3.3.1 Ancient Period -- 3.3.2 Medieval Period -- 3.3.3 Sixteenth-Century Spain -- 3.4 Techniques of Testing PPP Theory in Economic-History Literature -- 3.4.1 Comparative-Static Computation -- 3.4.2 Regression Analysis -- 3.4.3 Testing for Causality -- 3.4.4 Nonstationarity and Spurious Regression -- 3.4.5 Testing for Stationarity -- 3.4.6 Cointegration Analysis -- 3.5 Price Variable in PPP Computations -- 3.6 Modern Period: Testing of PPP -- 3.6.1 Early North America -- 3.6.2 Bullionist Periods -- 3.6.3 Floating Rates-Second-Half of Nineteenth Century -- 3.6.4 Classic Metallic Standards -- 3.6.5 World War I -- 3.6.6 Floating Rates-1920s -- 3.6.7 1930s -- 3.6.8 Interwar Period -- 3.6.9 Spain-Long Term -- 3.6.10 Guatelmala-Long Term -- 3.7 Analysis of U.S. Return to Gold Standard in 1879 -- 3.8 Establishment and Assessment of a Fixed Exchange Rate in Interwar Period -- 3.8.1 United Kingdom -- 3.8.2 France 3.9 Conclusions -- Notes -- References -- 4 Afterword to Part I -- 4.1 Salamancans and Gerard Malynes (Chapter 1) -- 4.2 Gustav Cassel (Chapter 2) -- 4.3 Other Studies (Chapter 3 Extended) -- Notes -- References -- Part II Purchasing Power Parity: Empirical Studies -- 5 Absolute and Relative Purchasing Power Parity -- 5.1 The Relationship Between Absolute and Relative Purchasing Power Parity -- 5.1.1 Proof That the Restated PPP Theory Is Not a Truism -- 5.1.2 Alternative Price-Level Concepts of PPP -- 5.1.3 Empirical Analysis of the Strong PPP and Naive Models -- 5.1.4 Empirical Analysis of the Weak PPP and Naive Models -- Appendix: The Data -- Absolute PPP -- GDP Deflator -- Consumer Price Index -- Notes -- References -- 6 Law of One Price -- 6.1 The Law of One Price Cannot Be Rejected: Two Tests Based on the Tradable/Nontradable Price Ratio -- 6.1.1 Introduction -- 6.1.2 Law of One Price -- 6.1.3 Critique of Empirical Literature -- 6.1.4 A Model of PPP and the Tradable/Nontradable Price Ratio -- 6.1.4.1 Derivation of PPP/Exchange-Rate Relationship -- 6.1.4.2 Generation of Estimable Equation -- 6.1.4.3 Limitations of PPP Concept -- 6.1.5 The Sample -- 6.1.5.1 Selection of PPP Measure -- 6.1.5.2 Selection of PN/PT Measure -- 6.1.5.3 Selection of Sample -- 6.1.6 Test of Equality of Prices of Tradables and Nontradables -- 6.1.6.1 Estimation Technique -- 6.1.6.2 Estimation of Equation (6.5) -- 6.1.6.3 Performance of Equation Outside of Sample -- 6.1.7 Test of Equality of Prices of Tradables Across Countries -- 6.1.7.1 Motivation of Test Procedure -- 6.1.7.2 Alternative Methods of Predicting PPP/R -- 6.1.7.3 Comparison with Naive Model -- 6.1.8 Validity of Tradable/Nontradable Distinction -- 6.1.9 Concluding Comments -- Appendix: The Data -- Notes -- References -- 7 National Price Level -- 7.1 The National Price Level: Theory and Estimation 7.1.1 Conventional Approach to the National Price Level -- 7.1.2 The Various PPP Indexes -- 7.1.3 Issues of Theory and Estimation -- 7.1.4 Econometric Approximation of PL-P Analytical Relationship -- 7.1.5 Explanatory Variables for the Nontradable/Tradable Price-Level Ratio and the National Price Level -- 7.1.6 Alternative Estimators of the National Price Level -- 7.1.7 Relative Importance of Determinants of the National Price Level -- 7.1.8 Principal Conclusions -- Appendix: The Data -- Notes -- References -- 8 Afterword to Part II -- 8.1 Absolute and Relative PPP (Chapter 5) -- 8.2 Law of One Price (Chapter 6) -- 8.3 National Price Level (Chapter 7) -- Notes -- References -- Part III Standard of Living -- 9 Terms of Trade -- 9.1 Prelude -- 9.1.1 New Historical Balance of Payments -- 9.1.2 Openness of Economy -- 9.1.3 Goods-Versus-Services Economy -- 9.2 Construction of Series -- 9.2.1 Method -- 9.2.2 Goods -- 9.2.3 Services -- 9.2.3.1 Transportation -- 9.2.3.2 Travel -- 9.2.3.3 Passenger-Ship Revenue -- 9.2.3.4 Financial Transactions -- 9.2.3.5 Military Expenditures Abroad -- 9.2.3.6 Non-Imported Slave Purchases -- 9.3 Interpretation -- Notes -- References -- 10 Consumer Price Index -- 10.1 Foreign Travel in United States -- 10.1.1 Food -- 10.1.2 Alcohol -- 10.1.3 Rent -- 10.1.4 Transportation -- 10.1.5 Total Index -- Notes -- References -- 10.2 The Cost of Living in America: A Political History of Economic Statistics, 1880-2000 -- 11 Compensation of Manufacturing Workers -- 11.1 Nominal Compensation, Real Compensation, and Standard of Living -- 11.1.1 Compensation and Its Components -- 11.1.2 Standard of Living: Alternative Measures -- 11.1.3 Standard of Living: Comparison with Other Studies -- 11.1.4 Concluding Comments -- References -- 12 Afterword to Part III -- 12.1 Relationship to MeasuringWorth -- 12.2 Terms of Trade (Chapter 9) 12.3 Value of Consumer Bundle -- 12.4 Consumer Price Index (Chapter 10) -- 12.5 Compensation of Manufacturing Workers (Chapter 11) -- 12.5.1 Reception -- 12.5.2 Data Series -- Notes -- References -- Part IV Fixed-Rate Monetary Standards -- 13 Metallic Standards -- 13.1 Gold Standard -- 13.1.1 Types of Gold Standard -- 13.1.2 Countries on the Classical Gold Standard -- 13.1.3 Elements of Instability in Classical Gold Standard -- 13.1.4 Automatic Force for Stability: Price Specie-Flow Mechanism -- 13.1.5 Rules of the Game -- 13.1.6 Reason for Stability: Credible Commitment to Convertibility -- 13.1.7 Implications of Credible Commitment -- 13.1.8 Government Policies that Enhanced Stability -- 13.1.9 Experience of Periphery -- 13.1.10 Breakdown of Classical Gold Standard -- 13.1.11 Return to the Gold Standard -- 13.1.12 Instability of Interwar Gold Standard -- 13.1.13 Breakdown of Interwar Gold Standard -- References -- 13.2 Silver Standard -- 13.2.1 Definition of Silver Standard -- 13.2.2 Countries on Silver Standard to 1870 -- 13.2.3 Asian Abandonment of Silver Standard Prior to World War I -- 13.2.4 Termination of Silver Standard -- References -- 13.3 Bimetallism -- 13.3.1 The Nature of Bimetallism -- 13.3.2 Advantages and Disadvantages of Bimetallism -- 13.3.3 Theories of Bimetallic Stabilization -- 13.3.4 Bimetallism Prior to the 19th Century -- 13.3.5 Bimetallic France in the 19th Century -- References -- 14 Classical Gold Standard -- 14.1 International Monetary Regimes: The Gold Standard -- 14.1.1 Introduction -- 14.1.2 Countries on Gold Standard -- 14.1.2.1 Legal Versus Effective Monetary Standard -- 14.1.2.2 Center Country -- 14.1.2.3 Other Core Countries -- 14.1.2.4 Periphery -- 14.1.2.5 Why the Scramble to Gold? -- 14.1.3 Characteristics of Gold Standard -- 14.1.3.1 Domestic Gold Standard -- 14.1.3.2 International Gold Standard 14.1.4 Implications for Money Supply and Automatic Correctives -- 14.1.4.1 Traditional Mechanism -- 14.1.4.2 Monetary Mechanism -- 14.1.5 Sources of Instability of the Gold Standard -- 14.1.6 Rules of the Game -- 14.1.6.1 The Rules -- 14.1.6.2 Discount-Rate Rule -- 14.1.6.3 Sterilization Was Dominant -- 14.1.6.4 Was the Bank of England Supreme? -- 14.1.7 Stability of Gold Standard -- 14.1.7.1 Private-Sector Credibility in Convertibility -- 14.1.7.2 Reasons Why Commitment to Convertibility Was so Credible -- 14.1.7.3 Rareness of Violations of Gold Points -- 14.1.7.4 Stabilizing Speculation -- 14.1.7.5 Government Policies that Enhanced Gold-Standard Stability -- 14.1.8 Experience of Periphery -- 14.1.9 Performance -- 14.1.10 Breakdown of Gold Standard -- References -- 15 Bretton Woods System -- 15.1 A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform -- 16 Afterword to Part IV -- 16.1 Metallic Standards (Chapter 13) -- 16.2 Classical Gold Standard (Chapter 14) -- 16.3 Interwar Gold Standard (Chapter 13) -- 16.4 Silver Standard, Bimetallism (Chapter 13) -- 16.5 Bretton Woods System (Chapter 15) -- 16.6 Further Discussion -- Notes -- References -- Part V Anglo-American Monetary Standards -- 17 American Monetary Standard -- 17.1 Unit of Account -- 17.2 Metallic Content of the Dollar and Coinage Denominations -- 17.3 Legal-Tender Status of Coin -- 17.4 Convertibility of Government/Central-Bank Paper into Coin -- 17.5 Nature of Coinage -- 17.6 Provision of Bars -- 17.7 Convertibility of Banknotes and Bank Deposits -- 17.8 Legal Versus Effective Monetary Standards -- 17.9 Paper Standards -- Notes -- References -- 18 British Monetary Standard -- 18.1 Unit of Account -- 18.2 Mint Price and Coins Struck -- 18.3 Legal-Tender Status of Coin -- 18.4 Convertibility of Government/Central-Bank Paper into Coin 18.5 Nature of Coinage |
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| dewey-full | 330.9 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
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| dewey-search | 330.9 |
| dewey-sort | 3330.9 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1st ed |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>11089nmm a2200457zc 4500</leader><controlfield tag="001">BV049408671</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">231114s2022 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9783030959258</subfield><subfield code="9">978-3-030-95925-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-30-PQE)EBC7107096</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-30-PAD)EBC7107096</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-89-EBL)EBL7107096</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1348480897</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV049408671</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-2070s</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">330.9</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Officer, Lawrence H.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Essays in Economic History</subfield><subfield code="b">Purchasing Power Parity, Standard of Living, and Monetary Standards</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">1st ed</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cham</subfield><subfield code="b">Springer International Publishing AG</subfield><subfield code="c">2022</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2022</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (544 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Description based on publisher supplied metadata and other sources</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Intro -- Preface -- References -- Previous Books of Lawrence H. Officer -- Contents -- List of Figures -- List of Tables -- Part I Purchasing Power Parity: Origin and Use -- 1 Salamancans and Gerard Malynes -- 1.1 Salamanca School, Tudor Period -- 1.1.1 Salamanca School -- 1.1.2 Tudor Period -- Notes -- References -- 1.2 Malynes, Gerard De (fl. 1586-1623) -- Selected Works of Malynes -- References -- 2 Gustav Cassel -- 2.1 From Salamancans/Malynes to Cassel -- 2.2 The Impact of Cassel -- 2.3 Motivation for Cassel's PPP Theory -- 2.4 Quantity Theory of Money -- 2.5 Price-Level Concept -- 2.6 Absolute-PPP Theory -- 2.7 Relative-PPP Theory -- 2.8 Digression: Error Term in PPP Theory -- 2.9 Flexibility of PPP -- 2.10 Policy Implications -- Notes -- References -- 3 Purchasing Power Parity in Economic History -- 3.1 Introduction -- 3.2 Categorization of Purchasing-Power-Parity Theories -- 3.3 Historical Application of PPP: Premodern Periods -- 3.3.1 Ancient Period -- 3.3.2 Medieval Period -- 3.3.3 Sixteenth-Century Spain -- 3.4 Techniques of Testing PPP Theory in Economic-History Literature -- 3.4.1 Comparative-Static Computation -- 3.4.2 Regression Analysis -- 3.4.3 Testing for Causality -- 3.4.4 Nonstationarity and Spurious Regression -- 3.4.5 Testing for Stationarity -- 3.4.6 Cointegration Analysis -- 3.5 Price Variable in PPP Computations -- 3.6 Modern Period: Testing of PPP -- 3.6.1 Early North America -- 3.6.2 Bullionist Periods -- 3.6.3 Floating Rates-Second-Half of Nineteenth Century -- 3.6.4 Classic Metallic Standards -- 3.6.5 World War I -- 3.6.6 Floating Rates-1920s -- 3.6.7 1930s -- 3.6.8 Interwar Period -- 3.6.9 Spain-Long Term -- 3.6.10 Guatelmala-Long Term -- 3.7 Analysis of U.S. Return to Gold Standard in 1879 -- 3.8 Establishment and Assessment of a Fixed Exchange Rate in Interwar Period -- 3.8.1 United Kingdom -- 3.8.2 France</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.9 Conclusions -- Notes -- References -- 4 Afterword to Part I -- 4.1 Salamancans and Gerard Malynes (Chapter 1) -- 4.2 Gustav Cassel (Chapter 2) -- 4.3 Other Studies (Chapter 3 Extended) -- Notes -- References -- Part II Purchasing Power Parity: Empirical Studies -- 5 Absolute and Relative Purchasing Power Parity -- 5.1 The Relationship Between Absolute and Relative Purchasing Power Parity -- 5.1.1 Proof That the Restated PPP Theory Is Not a Truism -- 5.1.2 Alternative Price-Level Concepts of PPP -- 5.1.3 Empirical Analysis of the Strong PPP and Naive Models -- 5.1.4 Empirical Analysis of the Weak PPP and Naive Models -- Appendix: The Data -- Absolute PPP -- GDP Deflator -- Consumer Price Index -- Notes -- References -- 6 Law of One Price -- 6.1 The Law of One Price Cannot Be Rejected: Two Tests Based on the Tradable/Nontradable Price Ratio -- 6.1.1 Introduction -- 6.1.2 Law of One Price -- 6.1.3 Critique of Empirical Literature -- 6.1.4 A Model of PPP and the Tradable/Nontradable Price Ratio -- 6.1.4.1 Derivation of PPP/Exchange-Rate Relationship -- 6.1.4.2 Generation of Estimable Equation -- 6.1.4.3 Limitations of PPP Concept -- 6.1.5 The Sample -- 6.1.5.1 Selection of PPP Measure -- 6.1.5.2 Selection of PN/PT Measure -- 6.1.5.3 Selection of Sample -- 6.1.6 Test of Equality of Prices of Tradables and Nontradables -- 6.1.6.1 Estimation Technique -- 6.1.6.2 Estimation of Equation (6.5) -- 6.1.6.3 Performance of Equation Outside of Sample -- 6.1.7 Test of Equality of Prices of Tradables Across Countries -- 6.1.7.1 Motivation of Test Procedure -- 6.1.7.2 Alternative Methods of Predicting PPP/R -- 6.1.7.3 Comparison with Naive Model -- 6.1.8 Validity of Tradable/Nontradable Distinction -- 6.1.9 Concluding Comments -- Appendix: The Data -- Notes -- References -- 7 National Price Level -- 7.1 The National Price Level: Theory and Estimation</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">7.1.1 Conventional Approach to the National Price Level -- 7.1.2 The Various PPP Indexes -- 7.1.3 Issues of Theory and Estimation -- 7.1.4 Econometric Approximation of PL-P Analytical Relationship -- 7.1.5 Explanatory Variables for the Nontradable/Tradable Price-Level Ratio and the National Price Level -- 7.1.6 Alternative Estimators of the National Price Level -- 7.1.7 Relative Importance of Determinants of the National Price Level -- 7.1.8 Principal Conclusions -- Appendix: The Data -- Notes -- References -- 8 Afterword to Part II -- 8.1 Absolute and Relative PPP (Chapter 5) -- 8.2 Law of One Price (Chapter 6) -- 8.3 National Price Level (Chapter 7) -- Notes -- References -- Part III Standard of Living -- 9 Terms of Trade -- 9.1 Prelude -- 9.1.1 New Historical Balance of Payments -- 9.1.2 Openness of Economy -- 9.1.3 Goods-Versus-Services Economy -- 9.2 Construction of Series -- 9.2.1 Method -- 9.2.2 Goods -- 9.2.3 Services -- 9.2.3.1 Transportation -- 9.2.3.2 Travel -- 9.2.3.3 Passenger-Ship Revenue -- 9.2.3.4 Financial Transactions -- 9.2.3.5 Military Expenditures Abroad -- 9.2.3.6 Non-Imported Slave Purchases -- 9.3 Interpretation -- Notes -- References -- 10 Consumer Price Index -- 10.1 Foreign Travel in United States -- 10.1.1 Food -- 10.1.2 Alcohol -- 10.1.3 Rent -- 10.1.4 Transportation -- 10.1.5 Total Index -- Notes -- References -- 10.2 The Cost of Living in America: A Political History of Economic Statistics, 1880-2000 -- 11 Compensation of Manufacturing Workers -- 11.1 Nominal Compensation, Real Compensation, and Standard of Living -- 11.1.1 Compensation and Its Components -- 11.1.2 Standard of Living: Alternative Measures -- 11.1.3 Standard of Living: Comparison with Other Studies -- 11.1.4 Concluding Comments -- References -- 12 Afterword to Part III -- 12.1 Relationship to MeasuringWorth -- 12.2 Terms of Trade (Chapter 9)</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">12.3 Value of Consumer Bundle -- 12.4 Consumer Price Index (Chapter 10) -- 12.5 Compensation of Manufacturing Workers (Chapter 11) -- 12.5.1 Reception -- 12.5.2 Data Series -- Notes -- References -- Part IV Fixed-Rate Monetary Standards -- 13 Metallic Standards -- 13.1 Gold Standard -- 13.1.1 Types of Gold Standard -- 13.1.2 Countries on the Classical Gold Standard -- 13.1.3 Elements of Instability in Classical Gold Standard -- 13.1.4 Automatic Force for Stability: Price Specie-Flow Mechanism -- 13.1.5 Rules of the Game -- 13.1.6 Reason for Stability: Credible Commitment to Convertibility -- 13.1.7 Implications of Credible Commitment -- 13.1.8 Government Policies that Enhanced Stability -- 13.1.9 Experience of Periphery -- 13.1.10 Breakdown of Classical Gold Standard -- 13.1.11 Return to the Gold Standard -- 13.1.12 Instability of Interwar Gold Standard -- 13.1.13 Breakdown of Interwar Gold Standard -- References -- 13.2 Silver Standard -- 13.2.1 Definition of Silver Standard -- 13.2.2 Countries on Silver Standard to 1870 -- 13.2.3 Asian Abandonment of Silver Standard Prior to World War I -- 13.2.4 Termination of Silver Standard -- References -- 13.3 Bimetallism -- 13.3.1 The Nature of Bimetallism -- 13.3.2 Advantages and Disadvantages of Bimetallism -- 13.3.3 Theories of Bimetallic Stabilization -- 13.3.4 Bimetallism Prior to the 19th Century -- 13.3.5 Bimetallic France in the 19th Century -- References -- 14 Classical Gold Standard -- 14.1 International Monetary Regimes: The Gold Standard -- 14.1.1 Introduction -- 14.1.2 Countries on Gold Standard -- 14.1.2.1 Legal Versus Effective Monetary Standard -- 14.1.2.2 Center Country -- 14.1.2.3 Other Core Countries -- 14.1.2.4 Periphery -- 14.1.2.5 Why the Scramble to Gold? -- 14.1.3 Characteristics of Gold Standard -- 14.1.3.1 Domestic Gold Standard -- 14.1.3.2 International Gold Standard</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">14.1.4 Implications for Money Supply and Automatic Correctives -- 14.1.4.1 Traditional Mechanism -- 14.1.4.2 Monetary Mechanism -- 14.1.5 Sources of Instability of the Gold Standard -- 14.1.6 Rules of the Game -- 14.1.6.1 The Rules -- 14.1.6.2 Discount-Rate Rule -- 14.1.6.3 Sterilization Was Dominant -- 14.1.6.4 Was the Bank of England Supreme? -- 14.1.7 Stability of Gold Standard -- 14.1.7.1 Private-Sector Credibility in Convertibility -- 14.1.7.2 Reasons Why Commitment to Convertibility Was so Credible -- 14.1.7.3 Rareness of Violations of Gold Points -- 14.1.7.4 Stabilizing Speculation -- 14.1.7.5 Government Policies that Enhanced Gold-Standard Stability -- 14.1.8 Experience of Periphery -- 14.1.9 Performance -- 14.1.10 Breakdown of Gold Standard -- References -- 15 Bretton Woods System -- 15.1 A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform -- 16 Afterword to Part IV -- 16.1 Metallic Standards (Chapter 13) -- 16.2 Classical Gold Standard (Chapter 14) -- 16.3 Interwar Gold Standard (Chapter 13) -- 16.4 Silver Standard, Bimetallism (Chapter 13) -- 16.5 Bretton Woods System (Chapter 15) -- 16.6 Further Discussion -- Notes -- References -- Part V Anglo-American Monetary Standards -- 17 American Monetary Standard -- 17.1 Unit of Account -- 17.2 Metallic Content of the Dollar and Coinage Denominations -- 17.3 Legal-Tender Status of Coin -- 17.4 Convertibility of Government/Central-Bank Paper into Coin -- 17.5 Nature of Coinage -- 17.6 Provision of Bars -- 17.7 Convertibility of Banknotes and Bank Deposits -- 17.8 Legal Versus Effective Monetary Standards -- 17.9 Paper Standards -- Notes -- References -- 18 British Monetary Standard -- 18.1 Unit of Account -- 18.2 Mint Price and Coins Struck -- 18.3 Legal-Tender Status of Coin -- 18.4 Convertibility of Government/Central-Bank Paper into Coin</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">18.5 Nature of Coinage</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economic history</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Officer, Lawrence 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| id | DE-604.BV049408671 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T23:05:37Z |
| indexdate | 2024-07-10T10:06:17Z |
| institution | BVB |
| isbn | 9783030959258 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034735755 |
| oclc_num | 1348480897 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (544 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | Springer International Publishing AG |
| record_format | marc |
| spelling | Officer, Lawrence H. Verfasser aut Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards 1st ed Cham Springer International Publishing AG 2022 ©2022 1 Online-Ressource (544 Seiten) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources Intro -- Preface -- References -- Previous Books of Lawrence H. Officer -- Contents -- List of Figures -- List of Tables -- Part I Purchasing Power Parity: Origin and Use -- 1 Salamancans and Gerard Malynes -- 1.1 Salamanca School, Tudor Period -- 1.1.1 Salamanca School -- 1.1.2 Tudor Period -- Notes -- References -- 1.2 Malynes, Gerard De (fl. 1586-1623) -- Selected Works of Malynes -- References -- 2 Gustav Cassel -- 2.1 From Salamancans/Malynes to Cassel -- 2.2 The Impact of Cassel -- 2.3 Motivation for Cassel's PPP Theory -- 2.4 Quantity Theory of Money -- 2.5 Price-Level Concept -- 2.6 Absolute-PPP Theory -- 2.7 Relative-PPP Theory -- 2.8 Digression: Error Term in PPP Theory -- 2.9 Flexibility of PPP -- 2.10 Policy Implications -- Notes -- References -- 3 Purchasing Power Parity in Economic History -- 3.1 Introduction -- 3.2 Categorization of Purchasing-Power-Parity Theories -- 3.3 Historical Application of PPP: Premodern Periods -- 3.3.1 Ancient Period -- 3.3.2 Medieval Period -- 3.3.3 Sixteenth-Century Spain -- 3.4 Techniques of Testing PPP Theory in Economic-History Literature -- 3.4.1 Comparative-Static Computation -- 3.4.2 Regression Analysis -- 3.4.3 Testing for Causality -- 3.4.4 Nonstationarity and Spurious Regression -- 3.4.5 Testing for Stationarity -- 3.4.6 Cointegration Analysis -- 3.5 Price Variable in PPP Computations -- 3.6 Modern Period: Testing of PPP -- 3.6.1 Early North America -- 3.6.2 Bullionist Periods -- 3.6.3 Floating Rates-Second-Half of Nineteenth Century -- 3.6.4 Classic Metallic Standards -- 3.6.5 World War I -- 3.6.6 Floating Rates-1920s -- 3.6.7 1930s -- 3.6.8 Interwar Period -- 3.6.9 Spain-Long Term -- 3.6.10 Guatelmala-Long Term -- 3.7 Analysis of U.S. Return to Gold Standard in 1879 -- 3.8 Establishment and Assessment of a Fixed Exchange Rate in Interwar Period -- 3.8.1 United Kingdom -- 3.8.2 France 3.9 Conclusions -- Notes -- References -- 4 Afterword to Part I -- 4.1 Salamancans and Gerard Malynes (Chapter 1) -- 4.2 Gustav Cassel (Chapter 2) -- 4.3 Other Studies (Chapter 3 Extended) -- Notes -- References -- Part II Purchasing Power Parity: Empirical Studies -- 5 Absolute and Relative Purchasing Power Parity -- 5.1 The Relationship Between Absolute and Relative Purchasing Power Parity -- 5.1.1 Proof That the Restated PPP Theory Is Not a Truism -- 5.1.2 Alternative Price-Level Concepts of PPP -- 5.1.3 Empirical Analysis of the Strong PPP and Naive Models -- 5.1.4 Empirical Analysis of the Weak PPP and Naive Models -- Appendix: The Data -- Absolute PPP -- GDP Deflator -- Consumer Price Index -- Notes -- References -- 6 Law of One Price -- 6.1 The Law of One Price Cannot Be Rejected: Two Tests Based on the Tradable/Nontradable Price Ratio -- 6.1.1 Introduction -- 6.1.2 Law of One Price -- 6.1.3 Critique of Empirical Literature -- 6.1.4 A Model of PPP and the Tradable/Nontradable Price Ratio -- 6.1.4.1 Derivation of PPP/Exchange-Rate Relationship -- 6.1.4.2 Generation of Estimable Equation -- 6.1.4.3 Limitations of PPP Concept -- 6.1.5 The Sample -- 6.1.5.1 Selection of PPP Measure -- 6.1.5.2 Selection of PN/PT Measure -- 6.1.5.3 Selection of Sample -- 6.1.6 Test of Equality of Prices of Tradables and Nontradables -- 6.1.6.1 Estimation Technique -- 6.1.6.2 Estimation of Equation (6.5) -- 6.1.6.3 Performance of Equation Outside of Sample -- 6.1.7 Test of Equality of Prices of Tradables Across Countries -- 6.1.7.1 Motivation of Test Procedure -- 6.1.7.2 Alternative Methods of Predicting PPP/R -- 6.1.7.3 Comparison with Naive Model -- 6.1.8 Validity of Tradable/Nontradable Distinction -- 6.1.9 Concluding Comments -- Appendix: The Data -- Notes -- References -- 7 National Price Level -- 7.1 The National Price Level: Theory and Estimation 7.1.1 Conventional Approach to the National Price Level -- 7.1.2 The Various PPP Indexes -- 7.1.3 Issues of Theory and Estimation -- 7.1.4 Econometric Approximation of PL-P Analytical Relationship -- 7.1.5 Explanatory Variables for the Nontradable/Tradable Price-Level Ratio and the National Price Level -- 7.1.6 Alternative Estimators of the National Price Level -- 7.1.7 Relative Importance of Determinants of the National Price Level -- 7.1.8 Principal Conclusions -- Appendix: The Data -- Notes -- References -- 8 Afterword to Part II -- 8.1 Absolute and Relative PPP (Chapter 5) -- 8.2 Law of One Price (Chapter 6) -- 8.3 National Price Level (Chapter 7) -- Notes -- References -- Part III Standard of Living -- 9 Terms of Trade -- 9.1 Prelude -- 9.1.1 New Historical Balance of Payments -- 9.1.2 Openness of Economy -- 9.1.3 Goods-Versus-Services Economy -- 9.2 Construction of Series -- 9.2.1 Method -- 9.2.2 Goods -- 9.2.3 Services -- 9.2.3.1 Transportation -- 9.2.3.2 Travel -- 9.2.3.3 Passenger-Ship Revenue -- 9.2.3.4 Financial Transactions -- 9.2.3.5 Military Expenditures Abroad -- 9.2.3.6 Non-Imported Slave Purchases -- 9.3 Interpretation -- Notes -- References -- 10 Consumer Price Index -- 10.1 Foreign Travel in United States -- 10.1.1 Food -- 10.1.2 Alcohol -- 10.1.3 Rent -- 10.1.4 Transportation -- 10.1.5 Total Index -- Notes -- References -- 10.2 The Cost of Living in America: A Political History of Economic Statistics, 1880-2000 -- 11 Compensation of Manufacturing Workers -- 11.1 Nominal Compensation, Real Compensation, and Standard of Living -- 11.1.1 Compensation and Its Components -- 11.1.2 Standard of Living: Alternative Measures -- 11.1.3 Standard of Living: Comparison with Other Studies -- 11.1.4 Concluding Comments -- References -- 12 Afterword to Part III -- 12.1 Relationship to MeasuringWorth -- 12.2 Terms of Trade (Chapter 9) 12.3 Value of Consumer Bundle -- 12.4 Consumer Price Index (Chapter 10) -- 12.5 Compensation of Manufacturing Workers (Chapter 11) -- 12.5.1 Reception -- 12.5.2 Data Series -- Notes -- References -- Part IV Fixed-Rate Monetary Standards -- 13 Metallic Standards -- 13.1 Gold Standard -- 13.1.1 Types of Gold Standard -- 13.1.2 Countries on the Classical Gold Standard -- 13.1.3 Elements of Instability in Classical Gold Standard -- 13.1.4 Automatic Force for Stability: Price Specie-Flow Mechanism -- 13.1.5 Rules of the Game -- 13.1.6 Reason for Stability: Credible Commitment to Convertibility -- 13.1.7 Implications of Credible Commitment -- 13.1.8 Government Policies that Enhanced Stability -- 13.1.9 Experience of Periphery -- 13.1.10 Breakdown of Classical Gold Standard -- 13.1.11 Return to the Gold Standard -- 13.1.12 Instability of Interwar Gold Standard -- 13.1.13 Breakdown of Interwar Gold Standard -- References -- 13.2 Silver Standard -- 13.2.1 Definition of Silver Standard -- 13.2.2 Countries on Silver Standard to 1870 -- 13.2.3 Asian Abandonment of Silver Standard Prior to World War I -- 13.2.4 Termination of Silver Standard -- References -- 13.3 Bimetallism -- 13.3.1 The Nature of Bimetallism -- 13.3.2 Advantages and Disadvantages of Bimetallism -- 13.3.3 Theories of Bimetallic Stabilization -- 13.3.4 Bimetallism Prior to the 19th Century -- 13.3.5 Bimetallic France in the 19th Century -- References -- 14 Classical Gold Standard -- 14.1 International Monetary Regimes: The Gold Standard -- 14.1.1 Introduction -- 14.1.2 Countries on Gold Standard -- 14.1.2.1 Legal Versus Effective Monetary Standard -- 14.1.2.2 Center Country -- 14.1.2.3 Other Core Countries -- 14.1.2.4 Periphery -- 14.1.2.5 Why the Scramble to Gold? -- 14.1.3 Characteristics of Gold Standard -- 14.1.3.1 Domestic Gold Standard -- 14.1.3.2 International Gold Standard 14.1.4 Implications for Money Supply and Automatic Correctives -- 14.1.4.1 Traditional Mechanism -- 14.1.4.2 Monetary Mechanism -- 14.1.5 Sources of Instability of the Gold Standard -- 14.1.6 Rules of the Game -- 14.1.6.1 The Rules -- 14.1.6.2 Discount-Rate Rule -- 14.1.6.3 Sterilization Was Dominant -- 14.1.6.4 Was the Bank of England Supreme? -- 14.1.7 Stability of Gold Standard -- 14.1.7.1 Private-Sector Credibility in Convertibility -- 14.1.7.2 Reasons Why Commitment to Convertibility Was so Credible -- 14.1.7.3 Rareness of Violations of Gold Points -- 14.1.7.4 Stabilizing Speculation -- 14.1.7.5 Government Policies that Enhanced Gold-Standard Stability -- 14.1.8 Experience of Periphery -- 14.1.9 Performance -- 14.1.10 Breakdown of Gold Standard -- References -- 15 Bretton Woods System -- 15.1 A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform -- 16 Afterword to Part IV -- 16.1 Metallic Standards (Chapter 13) -- 16.2 Classical Gold Standard (Chapter 14) -- 16.3 Interwar Gold Standard (Chapter 13) -- 16.4 Silver Standard, Bimetallism (Chapter 13) -- 16.5 Bretton Woods System (Chapter 15) -- 16.6 Further Discussion -- Notes -- References -- Part V Anglo-American Monetary Standards -- 17 American Monetary Standard -- 17.1 Unit of Account -- 17.2 Metallic Content of the Dollar and Coinage Denominations -- 17.3 Legal-Tender Status of Coin -- 17.4 Convertibility of Government/Central-Bank Paper into Coin -- 17.5 Nature of Coinage -- 17.6 Provision of Bars -- 17.7 Convertibility of Banknotes and Bank Deposits -- 17.8 Legal Versus Effective Monetary Standards -- 17.9 Paper Standards -- Notes -- References -- 18 British Monetary Standard -- 18.1 Unit of Account -- 18.2 Mint Price and Coins Struck -- 18.3 Legal-Tender Status of Coin -- 18.4 Convertibility of Government/Central-Bank Paper into Coin 18.5 Nature of Coinage Economic history Erscheint auch als Druck-Ausgabe Officer, Lawrence H. Essays in Economic History Cham : Springer International Publishing AG,c2022 9783030959241 |
| spellingShingle | Officer, Lawrence H. Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards Intro -- Preface -- References -- Previous Books of Lawrence H. Officer -- Contents -- List of Figures -- List of Tables -- Part I Purchasing Power Parity: Origin and Use -- 1 Salamancans and Gerard Malynes -- 1.1 Salamanca School, Tudor Period -- 1.1.1 Salamanca School -- 1.1.2 Tudor Period -- Notes -- References -- 1.2 Malynes, Gerard De (fl. 1586-1623) -- Selected Works of Malynes -- References -- 2 Gustav Cassel -- 2.1 From Salamancans/Malynes to Cassel -- 2.2 The Impact of Cassel -- 2.3 Motivation for Cassel's PPP Theory -- 2.4 Quantity Theory of Money -- 2.5 Price-Level Concept -- 2.6 Absolute-PPP Theory -- 2.7 Relative-PPP Theory -- 2.8 Digression: Error Term in PPP Theory -- 2.9 Flexibility of PPP -- 2.10 Policy Implications -- Notes -- References -- 3 Purchasing Power Parity in Economic History -- 3.1 Introduction -- 3.2 Categorization of Purchasing-Power-Parity Theories -- 3.3 Historical Application of PPP: Premodern Periods -- 3.3.1 Ancient Period -- 3.3.2 Medieval Period -- 3.3.3 Sixteenth-Century Spain -- 3.4 Techniques of Testing PPP Theory in Economic-History Literature -- 3.4.1 Comparative-Static Computation -- 3.4.2 Regression Analysis -- 3.4.3 Testing for Causality -- 3.4.4 Nonstationarity and Spurious Regression -- 3.4.5 Testing for Stationarity -- 3.4.6 Cointegration Analysis -- 3.5 Price Variable in PPP Computations -- 3.6 Modern Period: Testing of PPP -- 3.6.1 Early North America -- 3.6.2 Bullionist Periods -- 3.6.3 Floating Rates-Second-Half of Nineteenth Century -- 3.6.4 Classic Metallic Standards -- 3.6.5 World War I -- 3.6.6 Floating Rates-1920s -- 3.6.7 1930s -- 3.6.8 Interwar Period -- 3.6.9 Spain-Long Term -- 3.6.10 Guatelmala-Long Term -- 3.7 Analysis of U.S. Return to Gold Standard in 1879 -- 3.8 Establishment and Assessment of a Fixed Exchange Rate in Interwar Period -- 3.8.1 United Kingdom -- 3.8.2 France 3.9 Conclusions -- Notes -- References -- 4 Afterword to Part I -- 4.1 Salamancans and Gerard Malynes (Chapter 1) -- 4.2 Gustav Cassel (Chapter 2) -- 4.3 Other Studies (Chapter 3 Extended) -- Notes -- References -- Part II Purchasing Power Parity: Empirical Studies -- 5 Absolute and Relative Purchasing Power Parity -- 5.1 The Relationship Between Absolute and Relative Purchasing Power Parity -- 5.1.1 Proof That the Restated PPP Theory Is Not a Truism -- 5.1.2 Alternative Price-Level Concepts of PPP -- 5.1.3 Empirical Analysis of the Strong PPP and Naive Models -- 5.1.4 Empirical Analysis of the Weak PPP and Naive Models -- Appendix: The Data -- Absolute PPP -- GDP Deflator -- Consumer Price Index -- Notes -- References -- 6 Law of One Price -- 6.1 The Law of One Price Cannot Be Rejected: Two Tests Based on the Tradable/Nontradable Price Ratio -- 6.1.1 Introduction -- 6.1.2 Law of One Price -- 6.1.3 Critique of Empirical Literature -- 6.1.4 A Model of PPP and the Tradable/Nontradable Price Ratio -- 6.1.4.1 Derivation of PPP/Exchange-Rate Relationship -- 6.1.4.2 Generation of Estimable Equation -- 6.1.4.3 Limitations of PPP Concept -- 6.1.5 The Sample -- 6.1.5.1 Selection of PPP Measure -- 6.1.5.2 Selection of PN/PT Measure -- 6.1.5.3 Selection of Sample -- 6.1.6 Test of Equality of Prices of Tradables and Nontradables -- 6.1.6.1 Estimation Technique -- 6.1.6.2 Estimation of Equation (6.5) -- 6.1.6.3 Performance of Equation Outside of Sample -- 6.1.7 Test of Equality of Prices of Tradables Across Countries -- 6.1.7.1 Motivation of Test Procedure -- 6.1.7.2 Alternative Methods of Predicting PPP/R -- 6.1.7.3 Comparison with Naive Model -- 6.1.8 Validity of Tradable/Nontradable Distinction -- 6.1.9 Concluding Comments -- Appendix: The Data -- Notes -- References -- 7 National Price Level -- 7.1 The National Price Level: Theory and Estimation 7.1.1 Conventional Approach to the National Price Level -- 7.1.2 The Various PPP Indexes -- 7.1.3 Issues of Theory and Estimation -- 7.1.4 Econometric Approximation of PL-P Analytical Relationship -- 7.1.5 Explanatory Variables for the Nontradable/Tradable Price-Level Ratio and the National Price Level -- 7.1.6 Alternative Estimators of the National Price Level -- 7.1.7 Relative Importance of Determinants of the National Price Level -- 7.1.8 Principal Conclusions -- Appendix: The Data -- Notes -- References -- 8 Afterword to Part II -- 8.1 Absolute and Relative PPP (Chapter 5) -- 8.2 Law of One Price (Chapter 6) -- 8.3 National Price Level (Chapter 7) -- Notes -- References -- Part III Standard of Living -- 9 Terms of Trade -- 9.1 Prelude -- 9.1.1 New Historical Balance of Payments -- 9.1.2 Openness of Economy -- 9.1.3 Goods-Versus-Services Economy -- 9.2 Construction of Series -- 9.2.1 Method -- 9.2.2 Goods -- 9.2.3 Services -- 9.2.3.1 Transportation -- 9.2.3.2 Travel -- 9.2.3.3 Passenger-Ship Revenue -- 9.2.3.4 Financial Transactions -- 9.2.3.5 Military Expenditures Abroad -- 9.2.3.6 Non-Imported Slave Purchases -- 9.3 Interpretation -- Notes -- References -- 10 Consumer Price Index -- 10.1 Foreign Travel in United States -- 10.1.1 Food -- 10.1.2 Alcohol -- 10.1.3 Rent -- 10.1.4 Transportation -- 10.1.5 Total Index -- Notes -- References -- 10.2 The Cost of Living in America: A Political History of Economic Statistics, 1880-2000 -- 11 Compensation of Manufacturing Workers -- 11.1 Nominal Compensation, Real Compensation, and Standard of Living -- 11.1.1 Compensation and Its Components -- 11.1.2 Standard of Living: Alternative Measures -- 11.1.3 Standard of Living: Comparison with Other Studies -- 11.1.4 Concluding Comments -- References -- 12 Afterword to Part III -- 12.1 Relationship to MeasuringWorth -- 12.2 Terms of Trade (Chapter 9) 12.3 Value of Consumer Bundle -- 12.4 Consumer Price Index (Chapter 10) -- 12.5 Compensation of Manufacturing Workers (Chapter 11) -- 12.5.1 Reception -- 12.5.2 Data Series -- Notes -- References -- Part IV Fixed-Rate Monetary Standards -- 13 Metallic Standards -- 13.1 Gold Standard -- 13.1.1 Types of Gold Standard -- 13.1.2 Countries on the Classical Gold Standard -- 13.1.3 Elements of Instability in Classical Gold Standard -- 13.1.4 Automatic Force for Stability: Price Specie-Flow Mechanism -- 13.1.5 Rules of the Game -- 13.1.6 Reason for Stability: Credible Commitment to Convertibility -- 13.1.7 Implications of Credible Commitment -- 13.1.8 Government Policies that Enhanced Stability -- 13.1.9 Experience of Periphery -- 13.1.10 Breakdown of Classical Gold Standard -- 13.1.11 Return to the Gold Standard -- 13.1.12 Instability of Interwar Gold Standard -- 13.1.13 Breakdown of Interwar Gold Standard -- References -- 13.2 Silver Standard -- 13.2.1 Definition of Silver Standard -- 13.2.2 Countries on Silver Standard to 1870 -- 13.2.3 Asian Abandonment of Silver Standard Prior to World War I -- 13.2.4 Termination of Silver Standard -- References -- 13.3 Bimetallism -- 13.3.1 The Nature of Bimetallism -- 13.3.2 Advantages and Disadvantages of Bimetallism -- 13.3.3 Theories of Bimetallic Stabilization -- 13.3.4 Bimetallism Prior to the 19th Century -- 13.3.5 Bimetallic France in the 19th Century -- References -- 14 Classical Gold Standard -- 14.1 International Monetary Regimes: The Gold Standard -- 14.1.1 Introduction -- 14.1.2 Countries on Gold Standard -- 14.1.2.1 Legal Versus Effective Monetary Standard -- 14.1.2.2 Center Country -- 14.1.2.3 Other Core Countries -- 14.1.2.4 Periphery -- 14.1.2.5 Why the Scramble to Gold? -- 14.1.3 Characteristics of Gold Standard -- 14.1.3.1 Domestic Gold Standard -- 14.1.3.2 International Gold Standard 14.1.4 Implications for Money Supply and Automatic Correctives -- 14.1.4.1 Traditional Mechanism -- 14.1.4.2 Monetary Mechanism -- 14.1.5 Sources of Instability of the Gold Standard -- 14.1.6 Rules of the Game -- 14.1.6.1 The Rules -- 14.1.6.2 Discount-Rate Rule -- 14.1.6.3 Sterilization Was Dominant -- 14.1.6.4 Was the Bank of England Supreme? -- 14.1.7 Stability of Gold Standard -- 14.1.7.1 Private-Sector Credibility in Convertibility -- 14.1.7.2 Reasons Why Commitment to Convertibility Was so Credible -- 14.1.7.3 Rareness of Violations of Gold Points -- 14.1.7.4 Stabilizing Speculation -- 14.1.7.5 Government Policies that Enhanced Gold-Standard Stability -- 14.1.8 Experience of Periphery -- 14.1.9 Performance -- 14.1.10 Breakdown of Gold Standard -- References -- 15 Bretton Woods System -- 15.1 A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform -- 16 Afterword to Part IV -- 16.1 Metallic Standards (Chapter 13) -- 16.2 Classical Gold Standard (Chapter 14) -- 16.3 Interwar Gold Standard (Chapter 13) -- 16.4 Silver Standard, Bimetallism (Chapter 13) -- 16.5 Bretton Woods System (Chapter 15) -- 16.6 Further Discussion -- Notes -- References -- Part V Anglo-American Monetary Standards -- 17 American Monetary Standard -- 17.1 Unit of Account -- 17.2 Metallic Content of the Dollar and Coinage Denominations -- 17.3 Legal-Tender Status of Coin -- 17.4 Convertibility of Government/Central-Bank Paper into Coin -- 17.5 Nature of Coinage -- 17.6 Provision of Bars -- 17.7 Convertibility of Banknotes and Bank Deposits -- 17.8 Legal Versus Effective Monetary Standards -- 17.9 Paper Standards -- Notes -- References -- 18 British Monetary Standard -- 18.1 Unit of Account -- 18.2 Mint Price and Coins Struck -- 18.3 Legal-Tender Status of Coin -- 18.4 Convertibility of Government/Central-Bank Paper into Coin 18.5 Nature of Coinage Economic history |
| title | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_auth | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_exact_search | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_exact_search_txtP | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_full | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_fullStr | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_full_unstemmed | Essays in Economic History Purchasing Power Parity, Standard of Living, and Monetary Standards |
| title_short | Essays in Economic History |
| title_sort | essays in economic history purchasing power parity standard of living and monetary standards |
| title_sub | Purchasing Power Parity, Standard of Living, and Monetary Standards |
| topic | Economic history |
| topic_facet | Economic history |
| work_keys_str_mv | AT officerlawrenceh essaysineconomichistorypurchasingpowerparitystandardoflivingandmonetarystandards |