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http://hdl.handle.net/10419/56324
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| Title: | | Is the law of reflux valid?  |
| Authors: | | Hortlund, Per |
| Issue Date: | | 2005 |
| Series/Report no.: | | SSE/EFI Working Paper Series in Economics and Finance 599 |
| Abstract: | | In the classical monetary debates, the Banking School held that notes would be equally demand-elastic whether supplied by many or a single issuer. The Free Banking School held that notes would be less demand-elastic if supplied by a single issuer. These assertions have rarely, if ever, been subject to more stringent statistical testing. In this paper I compare the elastic properties of the note stock of the Swedish note banking system in 1880-1895 with those of the regime in 1904-1913, when the Bank of Sweden held a note monopoly. Evidence suggests that notes did not become less elastic after monopolisation, thus lending support to the views of the Banking School. |
| Subjects: | | Banking School Free Banking School Elastic currency Clearing mechanism Needs of trade Law of Reflux Real bills doctrine |
| JEL: | | B12 E42 E51 E58 N13 N23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics
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