NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Fiscal Discriminations in Three Wars

George J. Hall, Thomas J. Sargent

NBER Working Paper No. 19008
Issued in May 2013
NBER Program(s):   DAE   EFG   ME

In 1790, a U.S. paper dollar was widely held in disrepute (something shoddy was not ‘worth a Continental’). By 1879, a U.S. paper dollar had become ‘as good as gold.’ These outcomes emerged from how the U.S. federal government financed three wars: the American Revolution, the War of 1812, and the Civil War. In the beginning, the U.S. government discriminated greatly in the returns it paid to different classes of creditors; but that pattern of discrimination diminished over time in ways that eventually rehabilitated the reputation of federal paper money as a store of value.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Information about Free Papers

You should expect a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w19008

Published: Hall, George J. & Sargent, Thomas J., 2014. "Fiscal discriminations in three wars," Journal of Monetary Economics, Elsevier, vol. 61(C), pages 148-166.

Users who downloaded this paper also downloaded these:
Comin and Mestieri w19010 If Technology Has Arrived Everywhere, Why has Income Diverged?
Currie and MacLeod w18977 Diagnosis and Unnecessary Procedure Use: Evidence from C-Section
Venkateswaran and Wright w19009 Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity
Hanes and Rhode w18616 Harvests and Financial Crises in Gold-Standard America
Hall and Sargent w15702 Interest Rate Risk and Other Determinants of Post-WWII U.S. Government Debt/GDP Dynamics
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us