Public Debt in Nineteenth-Century France

This our weekly discussion of the price level as it relates to Perry Mehrling's money view. The price level is the average price of goods in terms of money or, equivalently, the price of money in terms of goods. But what determines the price level? Why is the price level important? And how does it fit into the money view?

This week, we will explore some of the history of public debt in nineteenth-century France. To was anyone paying attention to the price level during that time? Were there other more immediate constraints that allowed the price level to remain hidden in the background?

To prompt discussion, we're reading a chapter by David Todd and Alexia Yates from the 2020 book A World of Public Debts.

Public Debt and Democratic Statecraft in Nineteenth-Century France