The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies south of New England. Individual colonies, and regional groupings of contiguous colonies treated as one monetary unit, are tested. Little to no statistical relationship, and little to no magnitude of influence, between the quantities of paper money in circulation and prices are found. The quantity theory of money does not explain the value and performance of colonial paper monies well. This is a general and widespread result, and not a rare and isolated phenomenon.

中文翻译：

---

美国殖民地纸币和货币数量论：扩展

货币数量论适用于新英格兰以南九个英属北美殖民地中的七个的纸币制度。测试单个殖民地和被视为一个货币单位的连续殖民地的区域分组。发现流通中的纸币数量与价格之间几乎没有统计关系，几乎没有影响。货币数量论并不能很好地解释殖民地纸币的价值和表现。这是普遍而普遍的结果，而不是罕见的孤立现象。