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Suppressing Asset Price Inflation: The Confederate Experience, 1861-1865 / Marc D. Weidenmier, Richard C.K. Burdekin.
- Format:
- Book
- Author/Creator:
- Weidenmier, Marc D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9230.
- NBER working paper series no. w9230
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Suppressing Asset Price Inflation
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. We show that Confederate funding acts aimed at precipitating the conversion of currency into bonds did temporarily suppress currency depreciation. These acts also triggered upsurges in commodity prices, however, as note holders rushed to spend the currency before their exchange rights were reduced. Asset price stabilization policies seem to have increased the velocity of circulation and counterproductively channeled inflationary pressures into other areas of the economy.
- Notes:
- Print version record
- September 2002.
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