In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...

A transactions model of the demand for multiple media of exchange is developed. Some results are expected, and others are both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may affect the two margins differently, leading to subtle...

We survey the theories of why banks promise to pay par on demand and examine evidence about the conditions under which banks have promised to pay the par value of deposits and banknotes on demand when holding only fractional reserves. The theoretical literature can be broadly divided into four...

This paper presents an analysis of housing conditions amongst the British urban working class in 1904, using a re-discovered survey. We investigate overcrowding and we find major regional differences. Scottish households were more overcrowded despite being less poor. Investigating the causes of...

This paper investigates the effect of different levels of neighbourhood housing tenure mix on transitions from unemployment to employment and the probability of staying in employment for those with a job. We used individual level data from the Scottish Longitudinal Study (SLS), a 5.3% sample of...