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The nature of money continues to perplex us. Over time anthropologists, economists, historians and sociologists have provided various answers to the question "what is money?" Ultimately these answers reflect different and often contradictory approaches to the dynamics of economic systems and...
Persistent link: https://www.econbiz.de/10015206892
The emergence of the gold standard has for a long time been viewed as inevitable. Fluctuations of the gold … analyze agents' expectations between 1860 and 1890. The intuition is that the spread between gold and silver bonds issued by … requiring a premium to hold silver bonds indicating their belief that gold would eventually become the only metallic standard. …
Persistent link: https://www.econbiz.de/10010316773
them to mutualise their gold reserves in emergency situations. Gold reserve sharing was especially important in response to … union. But fortunes could change quickly, with emergency recipients of gold turning into providers. Because regional …
Persistent link: https://www.econbiz.de/10011605731
"A century of macroeconomic and monetary thought at the National Bank of Belgium" traces the history of economic research at the National Bank of Belgium, from the early decades of the 20th century to its present functioning in the Eurosystem. The study also goes into the major economic policy...
Persistent link: https://www.econbiz.de/10011506708
United Kingdom and Sweden under the Gold Standard: under stable monetary regimes with clearly defined nominal anchors …
Persistent link: https://www.econbiz.de/10011604897
Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...
Persistent link: https://www.econbiz.de/10014521702
This essay examines Norwegian monetary policy under the final decades of the classical international gold standard … regime prior to World War I. While the evidence clearly demonstrates that the commitment to gold convertibility was the … balance of payments. Rather than forcefully reducing domestic circulation during seasonal fluctuations in the flow of gold …
Persistent link: https://www.econbiz.de/10012143694
Persistent link: https://www.econbiz.de/10015206859
[Eliminating history from economic thought] Formal analysis, in which maximizing agents use today's 'true' model of the economy to form expectation upon which they then base their behaviour, trivializes the role of the future in economic life and ignores the possibility that the past's models,...
Persistent link: https://www.econbiz.de/10010291900
This paper outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the...
Persistent link: https://www.econbiz.de/10010397692