Ron Michener takes issue with my approach to and analysis of colonial Virginia's paper money. He objects to how I calculate the paper money's asset present value when the paper money is hypothesized to be zero-coupon and interest-bearing bonds. He questions my data on the amount of Virginia's paper money in circulation, and he objects to the econometric treatment I apply to my model of that money's performance. He, however, presents no alternative data constructions, or any alternative explanations for the patterns in the data, nor does he present any alternative hypotheses or do any hypothesis testing to account for the level and movement in the value of Virginia's paper money.

中文翻译：

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弗吉尼亚殖民地的纸币，1755-1774：对米切纳的回复

Ron Michener 对我对弗吉尼亚殖民地纸币的分析方法提出了质疑。他反对我在假设纸币是零息票和有息债券时如何计算纸币的资产现值。他质疑我关于弗吉尼亚纸币流通量的数据，他反对我对我的纸币表现模型应用的计量经济学处理。然而，他没有提出替代的数据结构，或对数据模式的任何替代解释，也没有提出任何替代假设或进行任何假设检验来解释弗吉尼亚纸币的价值水平和变动。