Pat:  
 
Yes, the Earl Hamilton mentioned by Rod Hay wrote about the impact of  
American "treasure" on European prices and wages. For his wage-lag theory  
(probably the source of Rod's comment) see Hamilton’s “Profit Inflation  
and the Industrial Revolution, 1751-1800,” Quarterly Journal of Economics  
56 (February 1942): 256-73; and “Prices as a Factor in Business Growth,”  
Journal of Economic History 12 (Fall 1952): 325-49. The most important  
criticism of that hypothesis is found in Reuben A. Kessel and Armen A.  
Alchian, “The Meaning and Validity of the Inflation-Induced Lag of Wages  
Behind Prices,” (American Economic Review 50 (March 1960): 43-66).  
Hamilton later worked on Law's banking system: "Prices and Wages at Paris  
under John Law's System," and "The Political Economy of France at the Time  
of John Law" (History of Political Economy 1 (Spring 1969): 123-49). The  
early results of his study of the inflationary impact of war were published  
in "The Role of War in Modern Inflation" (Journal of Economic History 37  
(March 1977): 13-19).  
 
Ross B. Emmett