; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Coin Sizes and Payments in Commodity Money Systems"; ; "batchuser@example.com"; "Weber, Warren E.", "Redish, Angela, 1952-"; "Federal Reserve Bank of Minneapolis"; "Gresham’s Law", "Optimal Denominations", "Random Matching", "Commodity Money"; "Contemporaries, and economic historians, have noted several features of medieval and early modern European monetary systems that are hard to analyze using models of centralized exchange. For example, contemporaries complained of recurrent shortages of small change and argued that an abundance/dearth of money had real effects on exchange. To confront these facts, we build a random matching monetary model with two indivisible coins with different intrinsic values. The model shows that small change shortages can exist in the sense that adding small coins to an economy with only large coins is welfare improving. This effect is amplified by increases in trading opportunities. Further, changes in the quantity of monetary metals affect the real economy and the amount of exchange as well as the optimal denomination size. Finally, the model shows that replacing full-bodied small coins with tokens is not necessarily welfare improving."^^; "2008-10-24"; "2019-06-04T17:02:12.961820058+00:00"^^; "https://doi.org/10.21034/sr.416"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-04-15T16:03:34.410599315+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "832", "643"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "416"; "Commodity Money", "Gresham’s Law", "Random Matching", "Optimal Denominations"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in: _Macroeconomic Dynamics_ (Vol. 15, No. S1, April 2011, pp. 62-82) https://doi.org/10.1017/S1365100510000593. Related paper: [Working Paper 658: Coin Sizes and Payments in Commodity Money Systems](https://doi.org/10.21034/wp.658)"""^^; ; "Publication" . ; .