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← The Price Revolution in Europe
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Question
What did Earl Hamilton's 1934 study document about the relationship between American silver imports and European prices?
1
A strong positive correlation between rising silver imports and rising Spanish and European prices
2
The correlation was reversed — silver imports were highest when prices were falling
3
Silver imports had no measurable effect on prices; the Price Revolution was caused by agricultural failure
4
Silver imports caused initial deflation as the money supply adjusted to accommodate the new currency
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