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Understanding Money Using Historical Evidence

Author

Listed:
  • Adam Brzezinski

    (London School of Economics and Political Science, London, United Kingdom)

  • Nuno Palma

    (Department of Economics, University of Manchester, Manchester, United Kingdom)

  • François R. Velde

    (Federal Reserve Bank of Chicago, Chicago, Illinois, USA)

Abstract

Debates about the nature and economic role of money are mostly informed by evidence from the twentieth century, but money has existed for millennia. We argue that there are many lessons to be learned from monetary history that are relevant for current topics of policy relevance. The past is a source of evidence on how money works across different situations, helping to tease out features of money that do not depend on one time and place. A close reading of history also offers testing grounds for models of economic behavior and can thereby guide theories on how money is transmitted to the real economy.

Suggested Citation

  • Adam Brzezinski & Nuno Palma & François R. Velde, 2024. "Understanding Money Using Historical Evidence," Annual Review of Economics, Annual Reviews, vol. 16(1), pages 571-595, August.
    • Handle: RePEc:anr:reveco:v:16:y:2024:p:571-595
    DOI: 10.1146/annurev-economics-091923-040328
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    Keywords

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    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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