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The evolution of small change

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Author Info
Thomas J. Sargent
Francois R. Velde

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Abstract

Western Europe was plagued with currency shortages from the 14th to the 19th century, at which time a `standard formula' had been devised to cure the problem. We document the evolution of mon- etary theory, policy experiments and minting tech- nology over the course of six hundred years. In a companion paper, we use a cash-in-advance model of commodity money to provide an analytical frame- work for the problem of small change.

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Paper provided by Federal Reserve Bank of Chicago in its series Working Paper Series, Macroeconomic Issues with number WP-97-13.

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Date of creation: 1997
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Handle: RePEc:fip:fedhma:wp-97-13

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Keywords: Coinage Monetary theory

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  1. Thomas J. Sargent & Francois R. Velde, 1997. "The big problem of small change," Working Paper Series, Macroeconomic Issues WP-97-8, Federal Reserve Bank of Chicago. [Downloadable!]
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