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Coinage, debasements, and Gresham's laws

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Author Info
Bruce D. Smith (Economics Department, University of Texas, Austin, TX 78712-1173, USA)
Thomas J. Sargent (Hoover Institution, Stanford, CA 94305-6010, and University of Chicago, Chicago, IL 60637, USA)

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Abstract

This paper formulates a model of commodity money that circulates by tale, and applies it to a variety of situations, some of which seem to confirm, and others to contradict, `Gresham's Law'. We analyze how debasements could prompt decisions of citizens voluntarily to participate in recoinages that subjected them to seigniorage taxes.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 10 (1997)
Issue (Month): 2 ()
Pages: 197-226
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Handle: RePEc:spr:joecth:v:10:y:1997:i:2:p:197-226

Note: Received: December 19, 1994; revised version August 1, 1996
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E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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  1. Francois R. Velde & Warren E. Weber & Randall Wright, 1997. "A model of commodity money, with applications to Gresham's law and the debasement puzzle," Staff Report 215, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  2. 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:
  3. Sussman, Nathan & Zeira, Joseph, 2002. "Commodity Money Inflation: Theory and Evidence from France in 1350-1436," Working Paper Series rwp02-008, Harvard University, John F. Kennedy School of Government. [Downloadable!]
    Other versions:
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