Lessons from the history of money
This article looks at eight centuries of monetary history and asks: What happened and what have we learned? Money evolved from commodity-based to purely fiduciary, and in the trial-and-error process, governments learned some basic truths about price stability and the management of a sound currency.
Volume (Year): (1998)
Issue (Month): Q I ()
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- 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.
- Telser, L. G., 1995. "Optimal denominations for coins and currency," Economics Letters, Elsevier, vol. 49(4), pages 425-427, October.
- Friedman, Milton, 1990. "The Crime of 1873," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1159-94, December.
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