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The tale of Gresham's law

Author

Listed:
  • Richard Dutu
  • Ed Nosal
  • Guillaume Rocheteau

Abstract

Gresham?s law, which says that bad money tends to drive good money out of circulation, may account for many nations? episodes of money troubles, as far back as ancient Athens. This Commentary discusses the two main explanations for Gresham?s law and suggests some circumstances in which the law does not apply.

Suggested Citation

  • Richard Dutu & Ed Nosal & Guillaume Rocheteau, 2005. "The tale of Gresham's law," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
    • Handle: RePEc:fip:fedcec:y:2005:i:oct1
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    File URL: https://www.clevelandfed.org/-/media/project/clevelandfedtenant/clevelandfedsite/publications/economic-commentary/2005/ec-20051001-the-tale-of-greshams-law-pdf.pdf
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    Citations

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    Cited by:

    1. Yen-liang Chen & Cheng-chung Lai, 2012. "Good Money Drives Out Bad: A Note On Free Coinage And Gresham'S Law In The Chinese Han Dynasty," Economic History of Developing Regions, Taylor & Francis Journals, vol. 27(2), pages 37-46, December.
    2. Ruchir Agarwal & Miles Kimball, 2019. "Enabling Deep Negative Rates to Fight Recessions: A Guide," IMF Working Papers 2019/084, International Monetary Fund.

    More about this item

    Keywords

    Money; Gresham's law;

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