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The Phase Structure of Metallic Money: An MPTT Framework for the Spanish Price Revolution
Ran Huang
The Spanish Price Revolution is usually treated as a classic case in which American bullion inflows expanded the money supply and generated inflation. This view captures the first…
The Reservation Inflation of Hard Money: Gold-Standard Deflation and the Real Expansion of Nominal Claims, 1873-1896
Ran Huang
The original SCR theory proposed that inflation has two distinct expressions: circulation inflation, measured by rising transaction prices, and reservation inflation, measured by t…
A phase transition in monetary function explains expansion without inflation
Ran Huang
Large monetary expansions do not necessarily generate consumer-price inflation, challenging scalar views of "money supply." Here we propose that monetary function is phase-dependen…
A Physical Review on Currency
Ran Huang
A theoretical self-sustainable economic model is established based on the fundamental factors of production, consumption, reservation and reinvestment, where currency is set as a u…