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The big problem of large bills: the Bank of Amsterdam and the origins of central banking

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Stephen Quinn
William Roberds

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Abstract

This paper outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the model to describe how the Bank could remedy this situation by creating a stable medium for the settlement of commercial obligations.

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Paper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 2005-16.

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Date of creation: 2005
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Handle: RePEc:fip:fedawp:2005-16

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  1. Stephen Quinn & William Roberds, 2006. "An economic explanation of the early Bank of Amsterdam, debasement, bills of exchange, and the emergence of the first central bank," Working Paper 2006-13, Federal Reserve Bank of Atlanta. [Downloadable!]
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