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Understanding Money Using Historical Evidence

Adam Brzezinski (), Nuno Palma and Francois Velde
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No WP 2024-10, Working Paper Series from Federal Reserve Bank of Chicago

Abstract: Debates about the nature and economic role of money are mostly informed by evidence from the 20th century, but money has existed for millennia. We argue that there are many lessons to be learned from monetary history that are relevant for current topics of policy relevance. The past acts as a source of evidence on how money works across different situations, helping to tease out features of money that do not depend on one time and place. A close reading of history also offers testing grounds for models of economic behavior and can thereby guide theories on how money is transmitted to the real economy.

Keywords: Monetary policy; Monetary History; Natural Experiments (search for similar items in EconPapers)
JEL-codes: E40 E50 N10 (search for similar items in EconPapers)
Pages: 29
Date: 2024-04-05
New Economics Papers: this item is included in nep-ban, nep-his, nep-hpe, nep-mon and nep-pay
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DOI: 10.21033/wp-2024-10

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