The circulating medium of exchange in colonial Pennsylvania, 1729-1775: New estimates of monetary composition, performance, and economic growth

The quantity of specie in circulation is estimated using the market transaction data, which provides the first comprehensive measure of a colony's money supply and to retest the quantity theory of money and measure output growth using the equation of exchange. It was found that output growth is dependent on periodization and the extent that rising commercialization increased the velocity of circulation.