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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)

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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Bibliographic 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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Cited by:
  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," Working Paper Series, Macroeconomic Issues WP-97-12, Federal Reserve Bank of Chicago.
  2. 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.
  3. Stephen Quinn & William Roberds, 2010. "How Amsterdam got fiat money," Working Paper 2010-17, Federal Reserve Bank of Atlanta.
  4. Paal, Beatrix, 2001. "Dynamic Consequences of Stabilization Policies Based on a Return to a Gold Standard," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 143-186, July.
  5. Burdett, Kenneth & Trejos, Alberto & Wright, Randall, 2001. "Cigarette Money," Journal of Economic Theory, Elsevier, vol. 99(1-2), pages 117-142, July.

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