The debasement puzzle: an essay on medieval monetary history

Arthur J. Rolnick, Francois Velde () and Warren Weber

Quarterly Review, 1997, vol. 21, issue Fall, 8-20

Abstract: This study establishes several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to monetary economics. This article was originally published in the Journal of Economic History (December 1996, vol. 56, no. 4, pp. 789--808). It is reprinted in the Federal Reserve Bank of Minneapolis Quarterly Review with the permission of Cambridge University Press.

Keywords: Money (search for similar items in EconPapers)
Date: 1997
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Journal Article: The Debasement Puzzle: An Essay on Medieval Monetary History (1996)
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