The zero-lower bound as a modern version of Gresham's law

The zero-lower bound as a modern version of Gresham's law

| bimetallism, cash, coins, George Selgin, Gresham's Law, history of thought, John Locke, Miles Kimball, unit of account, zero lower bound

Sir Thomas Gresham, c. 1554 by Anthonis Mor The zero-lower bound may seem like a new problem, but I'm going to argue that it's only ...

Was coin debasement always bad?

Was coin debasement always bad?

| coins, Gresham's Law, inflation, seigniorage, sticky prices, unit of account

Dante's 8th level of hell, which housed counterfeiters, among others. Illustration by Doré In this post I'll argue that debasement w...

Medieval QE

Medieval QE

| agio, coins, convenience yield, liquidity premium, moneyness, quantitative easing, seigniorage

Hand operated rolling mill, for putting the edge impression on to coins I've been reading about the medieval monetary system lately. Wha...

Separating the functions of money—the case of Medieval coinage

Separating the functions of money—the case of Medieval coinage

| augmentation/diminution, Bill Woolsey, coins, ghost money, history of thought, Larry White, medium of account, medium of exchange, New Monetary Economics, Scott Sumner, Tyler Cowen, unit of account

Florentine florin Last year Scott Sumner introduced the econ blogosphere to what he likes to call the medium-of-account function of money,...