000			01896cam a22003137 4500
001			w10183
003			NBER
005			20211020112850.0
006			m o d
007			cr cnu||||||||
008			210910s2003 mau fo 000 0 eng d
100	1		_aShiller, Robert J.
245	1	4	_aThe Invention of Inflation-Indexed Bonds in Early America / _cRobert J. Shiller.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2003.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w10183
500			_aDecember 2003.
520	3		_aThe 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.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE31 - Price Level • Inflation • Deflation _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w10183.
856	4	0	_uhttps://www.nber.org/papers/w10183
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10183
942			_2ddc _cW-PAPER
999			_c337988 _d296550