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- W2079643774 abstract "In Interest-Bearing Currency: Evidence from the Civil War Experience, James Gherity (1993) reports an experience with interest-bearing notes during the American Civil War that runs counter to the predictions of the legal restrictions theory of the demand for money (Wallace 1983). He concludes that this failure of the legal restrictions theory is best explained by White (1987), and that the experience fails to support Makinen and Woodward's (1986) explanation of why interest-free money is an inherently superior circulating medium. He arrives at this latter conclusion based on his own assertion that interest-bearing notes may sometimes circulate at par when market participants decide to avoid the transactions costs of calculating the interest that has accumulated on them. This comment corrects an analytical error in his paper and clarifies the experience. Gherity's proposition concerning the avoidance of transactions costs is wrong. As a consequence, for some of the note issues concerned, the legal restrictions theory is refuted more strongly than he indicates; but for others, it is less so. There is little in the experience to discriminate between the White explanation and that of Makinen and Woodward. Indeed, for some of the note issues, neither the legal restrictions theory, White, nor Makinen and Woodward adequately explains the behavior that occurred. The Competing Theories" @default.
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- W2079643774 date "1995-08-01" @default.
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- W2079643774 title "Interest-Bearing Currency: Evidence from the Civil War Experience: Comment" @default.
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