Coinage, debasements, and Gresham's laws

Thomas J. Sargent; Bruce D. Smith

doi:10.1007/s001990050154

Coinage, debasements, and Gresham's laws

Thomas J. Sargent, Bruce D. Smith

Research output: Contribution to journal › Article › peer-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 language	English (US)
Pages (from-to)	197-226
Number of pages	30
Journal	Economic Theory
Volume	10
Issue number	2
DOIs	https://doi.org/10.1007/s001990050154
State	Published - 1997

ASJC Scopus subject areas

Economics and Econometrics

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