Coinage, debasements, and Gresham's laws

Bruce Smith and Thomas Sargent

Economic Theory, 1997, vol. 10, issue 2, 197-226

Abstract: This paper formulates a model of commodity money that circulates by tale, and applies it to a variety of situations, some of which seem to confirm, and others to contradict, `Gresham's Law'. We analyze how debasements could prompt decisions of citizens voluntarily to participate in recoinages that subjected them to seigniorage taxes.

JEL-codes: E60 (search for similar items in EconPapers)
Date: 1997
Note: Received: December 19, 1994; revised version August 1, 1996
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Citations: View citations in EconPapers (14)

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