Macroeconomic Features of the French Revolution

@article{Sargent1995MacroeconomicFO,
  title={Macroeconomic Features of the French Revolution},
  author={Thomas J. Sargent and François R. Velde},
  journal={Journal of Political Economy},
  year={1995},
  volume={103},
  pages={474 - 518}
}
This paper describes aspects of the French Revolution from the perspective of theories about money and government budget constraints. We describe how unpleasant fiscal arithmetic gripped the Old Regime, how the Estates General responded to reorganize France's fiscal affairs, and how fiscal exigencies impelled the Revolution into a procession of monetary experiments ending in hyper-inflation. 
The Political Economy of Fiscal Prudence in Historical Perspective
This paper uses a new panel dataset to perform a statistical analysis of political regimes and financial rectitude over the long run. Old Regime polities in Europe typically suffered from fiscalExpand
How Fiscal Policy Affects Prices: Britain's First Experience with Paper Money
For almost 25 years between 1797 and 1821, the gold standard in Britain was suspended in order to finance the Napoleonic Wars, creating a paper pound or a fiat currency. Suspension was accompanied byExpand
Understanding Inflation as a Joint Monetary-Fiscal Phenomenon
We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise whenExpand
Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821
This article explores the determinants of price level fluctuations in Britain during the first suspension of the gold standard over the 1797-1821 period. I find that the contemporary price level wasExpand
On the Interaction of Monetary and Fiscal Policy
In this paper we review some fundamental issues that have been identified by macroeconomists in discussing the co-ordination of monetary and fiscal policy. As Sargent and Wallace (1981) graphicallyExpand
How Fiscal Policy Affects the Price Level: Britain's First Experience with Paper Money
Between 1797 and 1821, Britain suspended the gold standard in order to finance the Napoleonic Wars. This measure was accompanied by large scale debt accumulation and inflation: After Napoleon’s finalExpand
Fiscal Crisis and Institutional Change in the Ottoman Empire and France
Why is it that some countries adopted growth enhancing institutions earlier than others during the early modern period? We address this question through a comparative study of the evolution of FrenchExpand
Fiscal Crisis and Institutional Change in the Ottoman Empire and France
Why is it that some countries adopted growth enhancing institutions earlier than others during the early modern period? We address this question through a comparative study of the evolution of FrenchExpand
Fiscal Foundations of Monetary Regimes
Fiscal considerations and commitment drive the choice of monetary policy regime, especially for developing countries. I survey the fiscal foundations of price determination, and study theExpand
COLONIALISM FISCALLY SUSTAINABLE ? AN EMPIRICAL EXAMINATION OF THE COLONIAL FINANCES OF SPANISH AMERICA 1 1
This paper examines the long-run fiscal sustainability of the colonial finances of Spanish America. Using econometric tests of intertemporal stability and a macroeconomic budget constraint framework,Expand
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 69 REFERENCES
A Tale of Two Currencies: British and French Finance During the Napoleonic Wars
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generatingExpand
Was There a Solution to the Ancien Régime's Financial Dilemma?
The fiscal policy accomplishments of the ancien rA©gime during its last two decades in France have been greatly underappreciated. While the collapse of the monarchy has been attributed to persistentExpand
The Financial Market and Government Debt Policy in France, 1746–1793
This article offers a new quantitative history of the market for government debt in France before the Revolution. The monarchy was a persistent default risk because of institutional obstacles toExpand
A Price Discrimination Analysis of Monetary Policy
Monetary policy is analysed within a model that appeals to legal restrictions on private intermediation to explain the coexistence of currency and interest-bearing default-free bonds. The interactionExpand
Tontines, Public Finance, and Revolution in France and England, 1688–1789
Tontines were used more extensively by France than Britain. Comparative tontine history illuminates the differing evolution of public finance in the two countries and its political consequences.Expand
French Finances 1770-1795: From Business to Bureaucracy
Part I. The Central Administration of Finance and How it Worked: 1. Introduction 2. King and Council 3. The Minister and his Department 4. The Accountants and their Caisses 5. Private Enterprise inExpand
A Monetary and Fiscal Framework for Economic Stability
During the late 19th and early 20th centuries, the problems of the day were of a kind that led economists to concentrate on the allocation of resources and, to a lesser extent, economic growth, andExpand
On the Determination of the Public Debt
  • R. Barro
  • Economics
  • Journal of Political Economy
  • 1979
A public debt theory is constructed in which the Ricardian invariance theorem is valid as a first-order proposition but where the dependence excess burden on the timing of taxation implies an optimalExpand
The Inefficiency of Interest-bearing National Debt
The coexistence of money and default-free interest-bearing government bonds is explained by transaction costs; the private sector absorbs money with less real difficulty than it absorbs bonds. UnderExpand
Optimal Fiscal Policy in a Business Cycle Model
This paper develops the quantitative implications of optimal fiscal policy in a business cycle model. In a stationary equilibrium, the ex ante tax rate on capital income is approximately zero. ThereExpand
...
1
2
3
4
5
...