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Lessons from the history of money

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Author Info
Francois R. Velde

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Abstract

This article looks at eight centuries of monetary history and asks: What happened and what have we learned? Money evolved from commodity-based to purely fiduciary, and in the trial-and-error process, governments learned some basic truths about price stability and the management of a sound currency.

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File URL: http://www.chicagofed.org/publications/economicperspectives/1998/ep1Q98_a.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (1998)
Issue (Month): Q I ()
Pages: 2-16
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Handle: RePEc:fip:fedhep:y:1998:i:qi:p:2-16:n:v.22no.1

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Related research
Keywords: Money ; Coinage;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Friedman, Milton, 1990. "The Crime of 1873," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1159-94, December. [Downloadable!] (restricted)
    Other versions:
  2. Telser, L. G., 1995. "Optimal denominations for coins and currency," Economics Letters, Elsevier, vol. 49(4), pages 425-427, October. [Downloadable!] (restricted)
  3. Thomas J. Sargent & Francois R. Velde, 1997. "The big problem of small change," Working Paper Series, Macroeconomic Issues WP-97-08, Federal Reserve Bank of Chicago. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-18.


This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.