In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time - and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in order...

In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time - and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in order...

This paper situates the early history of the Bank of England in the 17th century environment where the circulation of specie-based coin caused it to wear down, prompting debasement by monetary authorities (Lane and Mueller 1985). Thus, the 19th Gold Standard was only possible because of prior...

In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants to hold money over time – and due to convertibility there is no means by which the Friedman rule can generate deflation. This is the environment we study in this paper in...

This paper studies the development of the practice of central banking in the early 19th century by engaging in a detailed analysis of the Bank of England's changing policies with respect to its discounts and lending to the private sector. To set the scene, the practices that characterized the...

In this paper I consider how the systems of private money in Venice, Amsterdam and England dealt with financial crises and raise the possibility that the institutional structure of the banking system that developed in 18th century England was particularly well adapted to addressing system-wide...