Examining the Value of Money in England over the Long Term (1259-2009)

Abdullah, Adam (2013) Examining the Value of Money in England over the Long Term (1259-2009). International Journal of Economics and Finance, 5 (3). pp. 73-89. ISSN 1916-971X

[img] Text
Abdullah, 13-3, England.pdf
Restricted to Registered users only

Download (369Kb) | Request a copy
Official URL: http://dx.doi.org/10.5539/ijef.v5n3p73

Abstract

This paper seeks to analyze the value and purchasing power of money in England over 750 years, during which time the pound has lost almost all of its value. This paper proposes a suitable methodology of measuring nominal inflation in England over the long term, by constructing a wholesale commodity price index in order to determine the purchasing power of money, being the inverse of prices. The index adjusts indices of the value of gold and silver, to determine the purchasing power of gold, silver, and also real prices, thereby providing a suitable technique to measure the store of value function of money. In so doing, we discover that a monetary theory of value accurately interprets the empirical evidence.

Item Type: Article
Keywords: gold, silver and price indices, value and purchasing power of money
Subjects: H Social Sciences > HB Economic Theory
Faculty / Institute: Faculty of Economics & Management Sciences
Depositing User: Dr Adam Abdullah
Date Deposited: 18 Dec 2014 07:47
Last Modified: 18 Dec 2014 07:47
URI: http://erep.unisza.edu.my/id/eprint/2624

Actions (login required)

View Item View Item