When there is heteroscedasticity it is the absence of homoscedasticity. The findings indicated that white tests indicating non present of heteroscedasticity in the data. Amounts shown in italicised text are for items listed in currency other than Euros and are approximate conversions to Euros based upon Bloombergs conversion rates. To analyze the data the study used the EViews 7 statistical programme. to understand why the Confederacy put cotton and slavery on their notes. The data was obtained from various data sources and institutions, Stats South Africa and also on these websites and The estimated model also used to analyze the study was the linear regression model hence relevant literature was reviewed concerning the relationship. Jones has taken vignettes of slavery, found on paper money issued by the. The sample size to be used is 18 years which is from 1993 to 2011 being quarterly data which was based on pre-inflation targeting 1993 to 1999 quarterly data and post-inflation targeting 2000 to 2011 quarterly. The study relies mainly on the quarterly secondary data. The current study adopted a quantitative study design to be able to determine the relationship between economic growth and inflation and also to explain variations between them.

The relationship of these macroeconomic variables is critical for the proper formulation and implementation of effective monetary policy (Akinboade, 2002). Given the relevance of this area of study, an important number of theories and models in the macroeconomic literature analyze the relationship between economic growth and inflation. the bonds should be paid in lawful money instead of Confederate notes.

The debate about the relationship between inflation and economic growth is important for the conduction of monetary policy. Notes issued by the Confederate government having become the currency in which.

Confederate bank note