Coinage, debasements, and Gresham's laws |
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| Authors: | Thomas J Sargent Bruce D Smith |
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| Institution: | (1) Hoover Institution, Stanford, CA 94305-6010, and University of Chicago, Chicago, IL 60637, USA, US;(2) Economics Department, University of Texas, Austin, TX 78712-1173, USA, US |
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| Abstract: | Summary. This paper formulates a model of commodity money that circulates by tale, and applies it to a variety of situations, some
of which seem to confirm, and others to contradict, `Gresham's Law'. We analyze how debasements could prompt decisions of
citizens voluntarily to participate in recoinages that subjected them to seigniorage taxes.
Received: December 19, 1994; revised version August 1, 1996 |
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| Keywords: | JEL Classification Numbers: E60 |
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