The relationship between money and prices: some historical evidence reconsidered

This article describes a debate about the validity of the quantity theory of money and offers further evidence against it. The evidence is primarily from the North American colonies of Virginia, New York, and Pennsylvania and regards the issue of measuring the money supply. Studies have shown that changes in colonial money and inflation are inconsistent with the quantity theory. Some have argued that those studies measure money wrong: specie belongs in the measure because the colonies were on a fixed exchange rate system with Britain; changes in colonial paper money were offset by specie flows. When specie is counted, the quantity theory stands. This study responds with evidence that the critics are wrong: the colonies had no such fixed exchange rate regime, and movements in the stock of colonial paper currency cannot have been offset by specie flows. ; Reprinted in Quarterly Review, Fall 2002 (v. 26, no. 4)Money theory ; Economic history

James Madison's monetary economics

An analysis of Madison's essay, "Money," and a presentation of a model giving rise to equilibria that mimic general observations about the consequences of government policies like the one Madison describes for limiting inflation.Money ; Money theory ; Debts, Public

Is there a "credit channel" for monetary policy? (commentary)

Monetary policy

The evaluation subgroup of a fibre inclusion

Given a fibration of simply connected CW complexes of finite type, we study the evaluation subgroup of the fibre inclusion as an invariant of fibre-homotopy type. For spherical fibrations, we show the evaluation subgroup may be expressed as an extension of the Gottlieb group of the fibre sphere provided the classifying map induces the trivial map on homotopy groups. We extend this result after rationalization: We show that the rationalized evaluation subgroup of the fibre inclusion decomposes as the direct sum of the rationalized Gottlieb group of the fibre and the rationalized homotopy group of the base if and only if the classifying map induces the trivial map on rational homotopy groups.Comment: 15 page

Evaluation of Pre-Trial Diversion Project, State of Alaska, Department of Law

In February 1978 the Alaska Department of Law initiated a pilot pretrial intervention (PTI) project in Anchorage directed at first-time property offenders with no history of violence and no current drug or alcohol dependency. The project was aimed at reducing recidivism and costs to the criminal justice system, and included a built-in evaluation component. This report explores the PTI project's impact by (1) comparing PTI clients with other defendants; (2) investigating compliance of PTI clients with contracts to which they agree at time of program entry; (3) comparing costs of PTI compared with those generated in ordinary criminal cases; (4) evaluating the program's administration, identifying its deficiencies, and suggesting improvements; and (5) looking at recidivism rates of PTI clients.State of Alaska Department of Law Grant No. 78-A-014 Law Enforcement Assistance Administration, United States Department of JusticeAcknowledgements / Introduction / Project Background / Project Clientele / Client Performance / Cost Comparisons / Project Administration / Appendix A. Eligibility Criteria / Appendix B. Data Collection For