The invention of inflation-indexed bonds in early America
by Robert J. Shiller
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"The world's first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1780 during the Revolutionary War. These bonds were invented to deal with severe wartime inflation and with angry discontent among soldiers in the U.S. Army with the decline in purchasing power of their pay. Although the bonds were successful, the concept of indexed bonds was abandoned after the immediate extreme inflationary environment passed, and largely forgotten until the twentieth century. In 1780, the bonds were viewed as at best only an irregular expedient, since there was no formulated economic theory to justify indexation"--National Bureau of Economic Research web site.
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The invention of inflation-indexed bonds in early America
2003, National Bureau of Economic Research
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Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/27/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| February 17, 2010 | Edited by WorkBot | add more information to works |
| December 10, 2009 | Created by WorkBot | add works page |