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 ...

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,...

Transporting the macroblogosphere back to 1809: Usury Laws and the 5% upper bound

Transporting the macroblogosphere back to 1809: Usury Laws and the 5% upper bound

| Bank of England, forward guidance, Henry Thornton, history of thought, inflation, Miles Kimball, Nick Rowe, nominal interest rates, Paul Krugman, real interest rate, usury, zero lower bound

The zero-lower bound is the well-known 0% floor that a note-issuing bank hits whenever it attempts to reduce the interest rate it offers on ...