COINAGE, DEBASEMENTS, AND GRESHAMS LAWS

Authors
SARGENT TJ SMITH BD
Citation
Tj. Sargent et Bd. Smith, COINAGE, DEBASEMENTS, AND GRESHAMS LAWS, Economic theory, 10(2), 1997, pp. 197-226
Citations number
28
Categorie Soggetti
Economics
Journal title
Economic theory → ACNP
ISSN journal
09382259
Volume
10
Issue
2
Year of publication
1997
Pages
197 - 226
Database
ISI
SICI code
0938-2259(1997)10:2<197:CDAGL>2.0.ZU;2-A
Abstract
This paper formulates a model of commodity money that circulates by ta le, and applies it to a variety of situations, some of which seem to c onfirm, and others to contradict, 'Gresham's Law'. We analyze how deba sements could prompt decisions of citizens voluntarily to participate in recoinages that subjected them to seigniorage taxes.