Money, Prices and Wages: Essays in Honour of Professor Nicholas Mayhew

297 Pages·2015·2.16 MB·English

by  Martin Allen, D’Maris Coffman (eds.)

Money, Prices and Wages
Palgrave Studies in the History of Finance
Series Editors: Adrian R. Bell, D’Maris Coffman, and Tony K. Moore
The study of the history of financial institutions, markets, instruments and concepts
is vital if we are to understand the role played by finance today. At the same time,
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Titles include :
Martin Allen, D’Maris Coffman
MONEY, PRICES AND WAGES
Ali Kabiri
THE GREAT CRASH OF 1929
Stuart J. Barton
POLICY SIGNALS AND MARKET RESPONSES
Guy Rowlands
DANGEROUS AND DISHONEST MEN: THE INTERNATIONAL BANKERS OF LOUIS
XIV’S FRANCE
Duncan Needham
UK MONETARY POLICY FROM DEVALUATION TO THATCHER, 1967–1982
D’Maris Coffman
EXCISE TAXATION AND THE ORIGINS OF PUBLIC DEBT
Palgrave Studies in the History of Finance series
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Money, Prices and Wages
Essays in Honour of Professor Nicholas
Mayhew
Edited by
Martin Allen
Senior Assistant Keeper, Fitzwilliam Museum, University of Cambridge, UK
and
D’Maris Coffman
Fellow, Newnham College, UK
Editorial matter, selection and introduction © Martin Allen and
D’Maris Coffman 2015
Remaining chapters © Respective authors 2015
Softcover reprint of the hardcover 1st edition 2015 978-1-137-39401-9
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First published 2015 by
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ISBN 978-1-349-48377-8 ISBN 978-1-137-39402-6 (eBook)
DOI 10.1057/9781137394026
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Contents
List of Figures vii
List of Tables ix
Notes on Contributors x i
List of Abbreviations x iii
Introduction 1
Martin Allen and D’Maris Coffman
1 Coin Finds and the English Money Supply, c. 973–1544 7
Martin Allen
2 National Income in Domesday England 24
James T. Walker
3 Modelling the Medieval Economy: Money, Prices and
Income in England, 1263–1520 51
Mark Casson and Catherine Casson
4 Prices from the Durham Obedientiary Account Rolls,
1278–1367 74
Elizabeth Gemmill
5 Credit, Crisis and the Money Supply, c. 1280– 1330 94
Phillipp Schofield
6 Finance on the Frontier: Money and Credit in
Northumberland, Westmorland, and Cumberland, in the
Later Middle Ages 109
Pamela Nightingale
7 Money and Rural Credit in the Later Middle Ages Revisited 129
Chris Briggs
8 T he Morality of Money in Late Medieval England 143
James Davis
9 Labour Turnover and Wage Rates on the Demesnes of
Durham Priory, 1370–1410 158
Richard Britnell
v
vi Contents
10 A Golden Age Rediscovered: Labourers’ Wages in the
Fifteenth Century 1 80
C hristopher Dyer
11 C orn Prices, Corn Models and Corn Rents: What Can
We Learn from the English Corn Returns? 1 96
D ’Maris Coffman and David Ormrod
12 L ondon’s Market for Bullion and Specie in the
Eighteenth Century: The Roles of the London Mint and
the Bank of England in the Stabilization of Prices 211
A nthony C. Hotson and Terence C. Mills
13 M onetary Trends in the UK since 1870 2 28
N icholas Dimsdale
Publications of Nicholas Mayhew 250
Bibliography 2 56
Index 277
List of Figures
1.1 Annual values of finds in Kelleher’s data 22
3.1 Causal structure of the model 59
3.2 Actual, fitted and residual graphs for price regression,
1263–1520 6 4
3.3 Actual, fitted and residual graphs for income per head
equation, 1263–1520 68
3.4 Actual, fitted and residual graphs for wage regression,
1263–1520 6 8
6.1 The debts of Northumberland, Cumberland and
Westmorland in C.241 certificates, 1285–1318 114
6.2 The credit of Northumberland and Westmorland,
1285–1309 1 15
6.3 The debts of Northumberland, Cumberland and
Westmorland, 1310–1529 118
6.4 The credit of Northumberland and Cumberland,
1310–1529 1 19
11.1 Gross revenues from different excisable items,
1695–1825 2 01
11.2 RBT agricultural rents compared with TBA, Clark
and Kerridge 2 05
11.3 The rise of the rural-urban fringe, 1600–1900,
low-rented farmland 206
11.4 The rise of the urban-rural fringe, 1600–1900:
industrial, commercial and residential rents, 1780–1914 207
12.1 Sterling bullion prices in London from May 1718 to
January 1792 2 12
12.2 Silver specie and bullion prices: coin premium 213
12.3 Foreign specie spreads over bullion price 214
12.4 Market price/mint price 215
12.5 Gold/silver price ratio 215
12.6 Sterling currency crisis, 1695 216
12.7 Newton’s currency reforms of 1717–18: gold price
stabilization 2 17
12.8 Silver prices: market price remains at premium to
mint price 2 17
12.9 Sterling gold bullion price in London 220
12.10 English mint output 221
vii
viii List of Figures
12.11 Impulse responses and variance decompositions:
gold bullion – silver bullion 225
12.12 Impulse responses and variance decompositions:
gold specie – silver specie 225
12.13 Impulse responses and variance decompositions:
gold bullion – gold specie 226
12.14 Impulse responses and variance decompositions:
silver bullion – silver specie 226
13.1 Rate of growth of nominal GDP and broad
money M3/M4 231
13.2 Rate of growth of broad money M3\M4 and the
monetary base 233
13.3 Income velocity of circulation of broad money and
the long-term interest rate 234
13.4 Short-term interest rate and the rate of inflation 236
13.5 Real short-term interest rate 237
13.6 Short-term and long-term interest rates 238
13.7 Rate of change of consumer prices and import prices 240
13.8 Rate of change of money wages and unemployment 241
13.9 The sterling-dollar exchange rate 242
13.10 Rate of growth of credit and nominal GDP 245
13.11 Ratio of credit to nominal GDP 246
List of Tables
1.1 S ingle coin finds of c. 973–1100 in Allen and
Naismith data 9
1.2 S ingle coin finds of 1066–1180 in Allen and
Kelleher data 1 0
1.3 S ingle coin finds of 1180–1544 in Rigold, Mayhew
and Kelleher data 1 1
1.4 P ercentages of denominations in Kelleher data from PAS 1 2
1.5 V alues of coin finds in Kelleher data from PAS 1 2
1.6 P ence and sterlings in English hoards 1 5
1.7 H alfgroats in English hoards 1 6
1.8 G roats and double patards in English hoards 1 7
1.9 G old coins in English hoards 1 8
1.10 E stimated periods of circulation of coins, 1279–1544 1 9
1.11 E stimates of percentages of finds lost in each period,
1279–1544 19
1.12 A djusted values of finds in Kelleher’s PAS data 2 0
1.13 A djusted annual values of finds in Kelleher’s PAS data 2 0
1.14 E stimates of the English currency, 1158–1544 2 1
2.1 S ummary of Domesday income estimate 3 0
2.2 C alculating the values of ‘other’ resources 3 1
2.3 T he value–resources relationship, 1086 3 5
2.4 L ivestock estimates 38
2.5 C omparative estimates of Domesday income with the
1300 benchmark 45
3.1 Z ero-order Pearson correlation coefficients between
key variables 53
3.2 A utocorrelations of key variables 5 4
3.3 A ugmented Dickey-Fuller tests for key variables 5 6
3.4 S ummary of impacts in the SEM 6 1
3.5 D eterminants of logarithm of price index, 1263–1520 6 3
3.6 E stimation of full system, 1273–1470 6 6
4.1 W ine, cheese, wax, wool, canvas, linen and russet cloth 7 6
4.2 F ish prices and livestock 8 0
4.3 M inerals and metals 8 4
7.1 D ebts in money and debts in kind claimed in six manor
courts, 1291–1480 1 33
9.1 S taff at Houghall, 1376/7 1 59
ix