America's First Monetary Policy: Inflation And Seigniorage During The Revolutionary War

摘要

The role of money creation to finance governments has long been a staple in the monetary literature. One of the issues frequently addressed is how certain monetary policies have led to rapid inflation. As a result, a wide variety of studies both theoretical and empirical have been generated to assess the causes as well as consequences of inflationary finance. Given the episodes of extreme inflation over time, most of these studies have focused on the financial history of nations during the twentieth century. For example, attention has been given to such countries as Argentina, Austria, Bolivia, Germany, Greece, Hungary, Israel and Poland.