Bernard Semmel's scientific contributions
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Citations
... Price increases for gold, and other commodities, were thus independent of domestic money supply increases. In 1811, Malthus criticized the bullionists "for being unable to explain an improving exchange [that is, a favorable balance of payments] under an obviously increasing issue of notes; an event that not infrequently happens, and was much insisted upon by the Deputy-governor of the Bank, as a proof that our foreign exchanges had no connexion with the state of our currency" (Depoort ere 2015;Fenn 1965). ...
