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The Continental Dollar : initial design, ideal performance, and the credibility of congressional commitment

Author: Farley Ward Grubb; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 17276.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
An alternative history of the Continental Dollar is constructed from the original resolutions passed by Congress. The Continental Dollar was a zero-interest bearer bond, not a fiat currency. The public could redeem it at face value in specie at fixed future dates. Being a zero-interest bearer bond, discounting must be separated from depreciation. Before 1779 there was no depreciation, only discounting. In 1779 and  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Farley Ward Grubb; National Bureau of Economic Research.
OCLC Number: 745912529
Description: 1 online resource (29 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 17276.
Responsibility: Farley Grubb.

Abstract:

An alternative history of the Continental Dollar is constructed from the original resolutions passed by Congress. The Continental Dollar was a zero-interest bearer bond, not a fiat currency. The public could redeem it at face value in specie at fixed future dates. Being a zero-interest bearer bond, discounting must be separated from depreciation. Before 1779 there was no depreciation, only discounting. In 1779 and again in 1780 Congress passed ex post facto laws which altered the redemption dates of past Continental Dollars in ways that were not fiscally credible. These laws were the turning point. Depreciation and collapse followed.

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