Coinage, debasements, and Gresham's laws

Thomas J. Sargent, Bruce D. Smith

    Research output: Contribution to journalArticlepeer-review

    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.

    Original languageEnglish (US)
    Pages (from-to)197-226
    Number of pages30
    JournalEconomic Theory
    Volume10
    Issue number2
    DOIs
    StatePublished - 1997

    ASJC Scopus subject areas

    • Economics and Econometrics

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