The tale of Gresham's law

Richard Dutu (), Ed Nosal and Guillaume Rocheteau ()

Economic Commentary, 2005, issue Oct 1

Abstract: Gresham’s law, which says that bad money tends to drive good money out of circulation, may account for many nations’ episodes of money troubles, as far back as ancient Athens. This Commentary discusses the two main explanations for Gresham’s law and suggests some circumstances in which the law does not apply.

Keywords: Gresham's law; Money (search for similar items in EconPapers)
Date: 2005

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