MARC Record from Library of Congress

LEADER: 01860cam a22002897a 4500
001 2008613011
003 DLC
005 20130605083001.0
007 cr |||||||||||
008 081009s2008 mou sb f000 0 eng
010 $a 2008613011
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aRedish, Angela,$d1952-
245 10 $aCoin sizes and payments in commodity money systems$h[electronic resource] /$cAngela Redish and Warren E. Weber.
260 $a[Minneapolis, MN] :$bFederal Reserve Bank of Minneapolis, Research Dept.,$c[2008]
490 0 $aWorking paper / Federal Reserve Bank of Minneapolis, Research Dept. ;$v658
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file (viewed on Oct. 10, 2008).
500 $a"March 2008."
530 $aAlso available in print.
520 3 $aCommodity money standards in medieval and early modern Europe were characterized by recurring complaints of small change shortages and by numerous debasements of the coinage. To confront these facts, we build a random matching monetary model with two indivisible coins with different intrinsic values. The model shows that small change shortages can exist in the sense that changes in the size of the small coin affect ex ante welfare. Further, the optimal ratio of coin sizes is shown to depend upon the trading opportunities in a country and a country's wealth. Thus, coinage debasements can be interpreted as optimal responses to changes in fundamentals. Further, the model shows that replacing full-bodied small coins with tokens is not necessarily welfare-improving.
504 $aIncludes bibliographical references.
700 1 $aWeber, Warren E.
710 2 $aFederal Reserve Bank of Minneapolis.$bResearch Department.
856 40 $uhttp://minneapolisfed.org/research/wp/wp658.pdf