The Evolution of Small Change: Beliefs, Experiments, and ...

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Debasements and currency reforms . . . . . . . . . . . 63 4. A Question from public law: setting seigniorage rates . . . . . . . . . . . . . . . . . . . . . . . 65 Sources of the Canonists . . . . . . . . . . . . . . . . 65 Debasements and seigniorage rates . . . . . . . . . . . 66 5. Qualifications, Exceptions and Discoveries . . . . . . . . Early statement of ‘double coincidence’, a threat to the commodity-based view of 67 money . . . . . . . . . . . . . . . . . . . . . . 68 Romanists repair the breach . . . . . . . . . . . . . . 69 Canonists versus Romanists on seigniorage . . . . . . . 70 Another breach . . . . . . . . . . . . . . . . . . . . 71 Philosophers help . . . . . . . . . . . . . . . . . . . 72 The cracks widen: debasements and deficit financing . . . . . . . . . . . . . . . . . . . . . 72 Monetary Theory in the Renaissance . . . . . . . . . . . . 73 Precursors of Adam Smith . . . . . . . . . . . . . . . 73 Debt Repayment, Legal Tender and Nominalism . . . . . . . . . . . . . . . . . . . . . . . . 75 Fiat Money . . . . . . . . . . . . . . . . . . . . . . 77 Quantity Theory . . . . . . . . . . . . . . . . . . . . Lessons from the Castilian Experience: Fiat 80 Money . . . . . . . . . . . . . . . . . . . . . 82 In Spain: Juan de Mariana (1609) . . . . . . . . . . 82 Forecasting inflation . . . . . . . . . . . . . . . . . 83 In France: Henri Poullain (1612) . . . . . . . . . . 84 Montanari . . . . . . . . . . . . . . . . . . . . . 85 Discovery of standard formula . . . . . . . . . . . . . 86 5. Shortages and Experiments . . . . . . . . . . . . . . . . 89 vii
viii Introduction . . . . . . . . . . . . . . . . . . . . . . . 89 Medieval Coin Shortages . . . . . . . . . . . . . . . . . 89 The Affair of the Quattrini . . . . . . . . . . . . . . . . 91 The Price Revolution in France . . . . . . . . . . . . . . 94 Purpose and Basic Facts . . . . . . . . . . . . . . . . 94 Free parameters in the model . . . . . . . . . . . . . . Within the intervals exchange change: 95 surhaussement . . . . . . . . . . . . . . . . . . . 96 Shortages induced by reductions in φ’s . . . . . . . . . 97 Evidence . . . . . . . . . . . . . . . . . . . . . . . 97 The price level . . . . . . . . . . . . . . . . . . . . . 97 Relative price of gold and silver . . . . . . . . . . . . . 97 The unit of account . . . . . . . . . . . . . . . . . . 98 Billon coins were repeatedly debased . . . . . . . . . . 100 Repeated exchange rate changes for larger coins . . . . . 101 Sources of exchange rate changes . . . . . . . . . . . . 103 Supply and demand as causes of exchange rate changes . . . . . . . . . . . . . . . . . . . . . . 104 Supply . . . . . . . . . . . . . . . . . . . . . . . . 104 Exchange rate changes induced by demand . . . . . . . 105 Evidence of shortages of small coins . . . . . . . . . . . The unit of account debate and the reform of 105 1577 . . . . . . . . . . . . . . . . . . . . . . . 107 Conclusion . . . . . . . . . . . . . . . . . . . . . . 109 Siege monies . . . . . . . . . . . . . . . . . . . . . . . 111 Obsidional Currencies . . . . . . . . . . . . . . . . . 113 The Age of Copper (16th–17th centuries) . . . . . . . . . 114 The Coinage of Pure Copper . . . . . . . . . . . . . . . 115
Page 1 and 2: The Evolution of Small Change: Beli
Page 3: vi 3. Technology . . . . . . . . .
Page 7 and 8: x ...................... rnment Gov
Page 9 and 10: xii Acknowledgements Although both
Page 11 and 12: Chapter 1. Introduction This book i
Page 13 and 14: Introduction 5 By the middle of the
Page 15 and 16: The model Introduction 7 The model
Page 17 and 18: Introduction 9 of debasements of sm
Page 19 and 20: Structure of subsequent chapters In
Page 21 and 22: 14 A theory sketched Supply To expl
Page 23 and 24: 16 A theory sketched where mit is t
Page 25 and 26: 18 A theory sketched II, these para
Page 27 and 28: 20 A theory sketched 5. The governm
Page 29 and 30: 22 A theory sketched An open market
Page 31 and 32: 24 A theory sketched counterfeiters
Page 33 and 34: Chapter 3. Technology Introduction
Page 35 and 36: The Medieval Technology: Hammer and
Page 41 and 42: Mechanization 35 Sweden. In the 18t
Page 43 and 44: Mechanization 37 Figure 2: The scre
Page 45 and 46: Mechanization 39 proved to be the s
Page 47 and 48: Technology: the Steam Engine 41 be
Page 49 and 50: Technology: the Steam Engine 43 Fig
Page 51 and 52: Chapter 4. Ideas about coins and mo
Page 53 and 54: 1. Medieval Jurists as adherents of
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2. Construction of the Medieval Com
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Multiple denominations 3. Multiple
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3. Multiple currencies and denomina
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4. A Question from public law: sett
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5. Qualifications, Exceptions and D
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Romanists repair the breach 5. Qual
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Another breach 5. Qualifications, E
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Monetary Theory in the Renaissance
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90 Shortages and Experiments and th
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92 Shortages and Experiments lira/p
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94 Shortages and Experiments invasi
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96 Shortages and Experiments mintin
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livres tournois / setier (log scale
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units of silver / units of gold 100
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livres / marc of fine gold 102 Shor
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104 Shortages and Experiments écu;
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106 Shortages and Experiments price
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108 Shortages and Experiments which
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millions of livres tournois 6 5 4 3
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112 Shortages and Experiments king
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114 Shortages and Experiments gold
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astile’s experiment with token co
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118 Shortages and Experiments Three
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120 Shortages and Experiments By 16
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ance twice began to issue large qua
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idespread inflation deeloped in erm
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126 Shortages and Experiments In th
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om the mid-16th century to 1816, ng
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130 Shortages and Experiments any l
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132 Shortages and Experiments by Sh
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134 Shortages and Experiments Curre
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136 Shortages and Experiments In 18
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Chapter 6. Conclusion of Part II Th
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Part III: The Formal Theory 141
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144 A Theory of Full Bodied Small C
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Chapter 8. The Model In a ‘small
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cash-in-advance constraints are: Th
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The Firm The Model 151 The firm rec
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The Model 153 µ1,t ≥ 0; = if pt
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The Model 155 if pennies were full-
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The Model 157 Subtracting (8.12c)fr
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160 Equilibrium Computation via ‘
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Chapter 10. Arrangements to elimina
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Variants of the standard formula Ar
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Arrangements to eliminate coin shor
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Chapter 11. Conclusion of Part III
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Chapter 12. Glossary In some cases,
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Glossary 181 token-money. State coi
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184 References Boyer-Xambeu, Marie-
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186 References Dumoulin, Charles. T
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188 References Oresme, Nicole. The
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190 References Panormitanus [Niccol
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192 References Spengler, Joseph J.
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194 References Walther, R. “Die E
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