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List of Illustrations | p. xiii |
List of Tables | p. xv |
Preface | p. xvii |
Acknowledgments | p. xxi |
A Problem and Its Cure | |
Introduction | p. 3 |
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 | |
A Theory | p. 15 |
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 coins | |
Costs 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 b[subscript i] = 0 | |
Our Philosophy of History | p. 37 |
History and theory | |
Clues identified by our model | |
Cures | |
Our history | |
Ideas and Technologies | |
Technology | p. 45 |
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 inventions | |
The steam engine | |
Counterfeiting, duplicating, imitating | |
Technologies and ideas | |
Medieval Ideas about Coins and Money | p. 69 |
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 reforms | |
A 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 | |
Monetary Theory in the Renaissance | p. 100 |
Precursors of Adam Smith | |
Debt repayment, legal tender, and nominalism | |
Dumoulin the revolutionary | |
Dumoulin's impact | |
Dumoulin the conservative | |
Fiat money | |
Fiat 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 | |
Endemic Shortages and "Natural Experiments" | |
Clues | p. 123 |
Shortages of small change and bullion famine | |
Shortages and invasions of coins | |
Ghost monies and units of account | |
Free minting | |
The evidence | |
Medieval Coin Shortages | p. 131 |
England | |
France | |
Shortages elsewhere | |
Concluding remarks | |
Medieval Florence | p. 139 |
Turbulent debut of large coins in Tuscany | |
The Quattrini affair | |
Ghost monies as legal tender and unit of account | |
Florentine ghost monies: details | |
Concluding remarks | |
Mint equivalents and mint prices | |
Minting | |
A price index for fourteenth-century Florence | |
Medieval Venice | p. 160 |
Four episodes | |
Piccolo and grosso, 1250 to 1320 | |
Evolving units of account | |
Silver and gold, 1285 to 1353 | |
Adaptation of units of account | |
Soldino and ducat, 1360 to 1440 | |
Rehearsing fiat money | |
The torneselli in Greece | |
Expansion near Venice | |
Concluding remarks | |
Mint equivalents and mint prices | |
The Price Revolution in France | p. 186 |
Relative price change as inflation | |
Disturbances to coin denominations | |
A three-coin model | |
Supply: movements in the relative prices of metals | |
Demand: within the intervals shortages | |
Anatomy of money and inflation | |
Types of coins and units of account | |
The price level | |
Supply: the relative price of gold and silver | |
Debasement of billon coins | |
Mysterious movements in exchange rates | |
Evidence of small coins shortages | |
Policy responses | |
Perception of the problem by the authorities | |
Unit of account and legal tender | |
Units of account and international trade: the fairs of Lyon | |
The reform of 1577 | |
Collapse of the reform | |
Concluding remarks | |
Mint equivalents and mint prices | |
Token and Siege Monies | p. 216 |
Precursors of the standard formula | |
Medieval tokens | |
Siege money | |
Convertible token currency: an early experiment | |
First attempt at standard formula | |
Cures and Side-effects | |
The Age of Copper | p. 227 |
The coinage of pure copper | |
Experiments in many countries | |
Inflation in Spain | p. 230 |
Elements of the standard formula | |
The Castilian experiment | |
Monetary manipulations | |
Restamping | |
Crying down coins | |
Theory of the Castilian tokens | |
Additional notation | |
Multiple regimes | |
More learning: aspects of indeterminacy | |
The evidence | |
The end of the token coin experiment | |
Comparison with inflation during the French Revolution | |
Unintended consequence for Sweden | |
Concluding remarks | |
Money stocks and prices | |
Copycat Inflations in Seventeenth-Century Europe | p. 254 |
France: flirting with inflation | |
Catalonia | |
Germany | |
Russia | |
The Ottoman empire | |
England Stumbles toward the Solution | p. 261 |
Free-token and other regimes | |
Laissez-faire or monopoly: England's hesitations | |
Private monopoly (1613-44) | |
Laissez-faire | |
The Slingsby doctrine | |
Government monopoly | |
The Great Recoinage of 1696 | |
The monetary system under the Restoration (1660-88) | |
The crisis | |
A model with underweight coins | |
The Locke-Lowndes debate | |
The Great Recoinage | |
Locke: genius or idiot? | |
Britain, the Gold Standard, and the Standard Formula | p. 291 |
The accidental standard | |
Laws and ceilings | |
The guinea and legal tender laws | |
Newton's forecasts | |
Gold becomes the unit of account | |
Underweight coins | |
Neglect the pence | |
Implementation of the standard formula | |
The Triumph of the Standard Formula | p. 306 |
Germany's monetary union of 1838 | |
Bimetallism versus the gold standard | |
Bimetallism in a small country | |
Worldwide bimetallism | |
Passage to gold | |
The United States | |
The Latin Monetary Union | |
Free riders in monetary unions | |
The accident of 1873 | |
The standard formula limps into place | |
Ideas, Policies, and Outcomes | p. 320 |
Evolutions of ideas and institutions | |
Our history | |
Experiments | |
Major themes | |
Beliefs and interests | |
Units of account and nominal contracts | |
Small change and monetary theory | |
Currency boards, dollarization, and the standard formula | |
Learning by markets and by governments | |
A Formal Theory | |
A Theory of Full-Bodied Small Change | p. 335 |
The Model | p. 337 |
The household | |
Production | |
Production of goods | |
Production of coins | |
Government | |
Timing | |
Equilibrium | |
Analytical strategy | |
The firm's problem | |
Implications of the arbitrage conditions for monetary policy | |
Interpretations of [sigma subscript i] | |
Full-weight and underweight coins | |
The household's problem | |
Shortages: Causes and Symptoms | p. 350 |
Equilibria with neither melting nor minting | |
Stationary equilibria with no minting or melting | |
Small coin shortages | |
Small coin shortage, no minting or melting | |
Permanent and transitory increases in [xi] | |
Logarithmic example | |
Money shortages bring inflation | |
Shortages of small coins through minting of large coins | |
Shortages through melting of full-weight small coins | |
Perverse effects and their palliatives | |
Arrangements to Eliminate Coin Shortages | p. 366 |
A standard formula regime | |
Variants of the standard formula | |
The standard formula without convertibility: the Castilian experience | |
Fiat currency | |
Our Model and Our History | p. 373 |
Glossary | p. 375 |
References | p. 377 |
Legal Citations Index | p. 393 |
Author Index | p. 395 |
Subject Index | p. 399 |
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