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The evolution of small change

Author

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  • Thomas J. Sargent
  • Francois R. Velde

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.

Suggested Citation

  • Thomas J. Sargent & Francois R. Velde, 1997. "The evolution of small change," Working Paper Series, Macroeconomic Issues WP-97-13, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhma:wp-97-13
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    File URL: http://www.chicagofed.org/digital_assets/publications/working_papers/1997/wp97_13.pdf
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    Cited by:

    1. Sargent, Thomas J & Velde, Francois R, 1999. "The Big Problem of Small Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 137-161, May.

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    Keywords

    Coinage; Monetary theory;

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