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The Debasement Puzzle: An Essay on Medieval Monetary History

Published online by Cambridge University Press:  03 March 2009

Arthur J. Rolnick ,
François R. Velde  and
Warren E. Weber
Arthur J. Rolnick
Affiliation:
Federal Reserve Bank of Minneapolis, 250 Marquette Ave., Minneapolis, MN 55480
François R. Velde
Affiliation:
Department of Economics, Johns Hopkins University, 3400 N. Charles St., Baltimore, MD 21218
Warren E. Weber
Affiliation:
University of Minnesota and Federal Reserve Bank of Minneapolis, 250 Marquette Ave., Minneapolis, MN 55480.
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Abstract

We establish several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to monetary economics.

Type
Articles
Information
The Journal of Economic History , Volume 56 , Issue 4 , December 1996 , pp. 789 - 808
Copyright
Copyright © The Economic History Association 1996

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