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The Big Problem of Small Change /
The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and François Velde, examine the evolution of Western European economies thr...
| Autores principales: | , |
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| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Oxfordshire, England :
Princeton University Press,
2001.
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| Colección: | Book collections on Project MUSE.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; Title; Copyright; Dedication; Contents; List of Illustrations; List of Tables; Preface; Acknowledgments; Part I: A Problem and Its Cure; 1. Introduction; Paper and gold; The enduring problem of small change; A model; Supply side: the mint; Demand side: the coin owner; Shortages; Price level determination; Remedies; A history; Structure of subsequent chapters; 2. A Theory; Valuation by weight or tale; A basic one-denomination theory; Multiple denominations; Supply; Demand; Interactions of supply and demand; Economics of interval alignments; Perverse dynamics.
- Spontaneous debasements: invasions of foreign coinsCosts and Temptations; Opportunity cost; An open market operation from Castile; An open market operation for the standard formula; Transparency of opportunity cost; Trusting the government with bi = 0; 3. Our Philosophy of History; History and theory; Clues identified by our model; Cures; Our history; Part II: Ideas and Technologies; 4. Technology; Small coins in the Middle Ages; The purchasing power of a small coin; The medieval technology: hammer and pile; Production costs and seigniorage; Mechanization; The screw press; The cylinder press.
- Other inventionsThe steam engine; Counterfeiting, duplicating, imitating; Technologies and ideas; 5. Medieval Ideas about Coins and Money; Medieval jurists as advocates of Arrow-Debreu; Romanists and Canonists; Construction of the medieval common doctrine; Sources and methods of the romanists; Money in a legal doctrine of loans; Tests in a one-coin environment; Multiple currencies and denominations; Multiple denominations; Multiple metals; Fluctuating exchange rates: the stationary case; Multiple units of accounts; Demonetization; Overdue payments and extrinsic value; Trends in exchange rates.
- Debasements and currency reformsA question from public law: setting seigniorage rates; Sources of the canonists; Debasements and seigniorage rates; Qualifications, exceptions, and discoveries; Early statement of double coincidence; Romanists repair the breach; Canonists versus romanists on seigniorage; Another breach; Philosophers help; The cracks widen: debasements and deficit financing; Concluding remarks; 6. Monetary Theory in the Renaissance; Precursors of Adam Smith; Debt repayment, legal tender, and nominalism; Dumoulin the revolutionary; Dumoulin's impact; Dumoulin the conservative.
- Fiat moneyFiat money in theory: Butigella; Double coincidence of wants revisited; Other formulations; Fiat money in practice; The conditions for valued fiat money; Restrictions on fiat money; Limited legal tender; Quantity theory; Lessons from the Castilian experience: fiat money; In Spain: Juan de Mariana (1609); Forecasting inflation; In France: Henri Poullain (1612); Concluding remarks; Part III: Endemic Shortages and "Natural Experiments"; 7. Clues; Shortages of small change and bullion famine; Shortages and invasions of coins; Ghost monies and units of account; Free minting; The evidence.