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A neglected contribution to monetary theory in the eighteenth century : Anders Wappengren on paper money, floating exchange rates, and purchasing power parity

Ögren, Anders LU (2016) In European Journal of the History of Economic Thought 23(6). p.870-896
Abstract

Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness.

Please use this url to cite or link to this publication:
author
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Adjustment mechanism, exchange rates, metallic money, paper money, purchasing power parity
in
European Journal of the History of Economic Thought
volume
23
issue
6
pages
27 pages
publisher
Routledge
external identifiers
  • scopus:84991502913
  • wos:000391459100002
ISSN
0967-2567
DOI
10.1080/09672567.2016.1234148
language
English
LU publication?
yes
id
63e176c2-9b9d-421d-bd98-38e9538dae5a
date added to LUP
2016-12-28 12:40:35
date last changed
2017-09-18 11:33:41
@article{63e176c2-9b9d-421d-bd98-38e9538dae5a,
  abstract     = {<p>Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness.</p>},
  author       = {Ögren, Anders},
  issn         = {0967-2567},
  keyword      = {Adjustment mechanism,exchange rates,metallic money,paper money,purchasing power parity},
  language     = {eng},
  month        = {11},
  number       = {6},
  pages        = {870--896},
  publisher    = {Routledge},
  series       = {European Journal of the History of Economic Thought},
  title        = {A neglected contribution to monetary theory in the eighteenth century : Anders Wappengren on paper money, floating exchange rates, and purchasing power parity},
  url          = {http://dx.doi.org/10.1080/09672567.2016.1234148},
  volume       = {23},
  year         = {2016},
}