The big problem of large bills: the Bank of Amsterdam and the origins of central banking

Stephen Quinn and William Roberds

No 2005-16, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: 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 model to describe how the Bank could remedy this situation by creating a stable medium for the settlement of commercial obligations.

Date: 2005
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
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Working Paper: The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking (2005)
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