Creator

• Rolnick, Arthur J., 1944-
• Velde, François R.
• Weber, Warren E.

Series

• Quarterly review (Federal Reserve Bank of Minneapolis. Research Department)

Issue number

• Vol. 21, No. 4

Date created

• 1997 Fall

Abstract

• This study establishes several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to monetary economics.

Related information

• This article was originally published in the Journal of Economic History (December 1996, vol. 56, no. 4, pp. 789–808). It is reprinted in the Federal Reserve Bank of Minneapolis Quarterly Review with the permission of Cambridge University Press. https://doi.org/10.1017/S0022050700017472

  Working Paper 536

Date modified

• 10/23/2020

Corporate Author

• Federal Reserve Bank of Minneapolis. Research Department

Publisher

• Federal Reserve Bank of Minneapolis

Resource type

• Article

DOI

•  https://doi.org/10.21034/qr.2142

In Collection:

• Quarterly Review

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