Narrow search
Showing 1 - 10 of 5,214
Cover Image
Renovatio monetae : gesell taxes in practice
Svensson, Roger; Westermark, Andreas - 2015
Gesell taxes on money holdings have received attention in recent decades as a way of alleviating the zero lower bound on interest rates. Less known is that such a tax was the predominant method used to generate seigniorage in large parts of medieval Europe for around two centuries. When the...
Persistent link: https://www.econbiz.de/10011332944
Cover Image
Renovatio monetae : Gesell taxes in practice
Svensson, Roger; Westermark, Andreas - 2016
Gesell taxes on money holdings have received attention in recent decades as a way of alleviating the zero lower bound on interest rates. Less known is that such a tax was the predominant method used to generate seigniorage in large parts of medieval Europe for around two centuries. When the...
Persistent link: https://www.econbiz.de/10011518666
Cover Image
Periodic Re-Coinage as a Monetary Tax : The Rise and Fall of the Bracteate Economy
Svensson, Roger - 2020
was less restrictive and had lower administrative costs for the coin issuer than re-coinage. Besides low monetization, the … debasements than routine calendar driven re-coinage, due to the high uncertainty …
Persistent link: https://www.econbiz.de/10012856608
Cover Image
Periodic Re-Coinage as a Monetary Tax : Conditions for the Rise and Fall of the Bracteate Economy
Svensson, Roger - 2020
monitored and enforced. The principal example of frequently renewed coins is uni-faced bracteates, which were often subject to … annual or even biannual re-coinages. Although bracteates were not the cause of periodic re-coinage, their features … this monetary system with the end of bracteates' role as the principal coin in the 14th century …
Persistent link: https://www.econbiz.de/10012830522
Cover Image
Money Creation : Genesis 4: Convertibility and the Origin of the Reserve Requirement
Faure, Alexander Pierre - 2013
The origins of monetary policy can be traced back to the days of the goldsmith-bankers when a reserve of gold coins was held by them to meet the promise stated on their bank notes: that they could be exchanged for gold. However, this covenant was doomed from the start, due to the avarice of...
Persistent link: https://www.econbiz.de/10013083837
Cover Image
Seigniorage through Periodic Recoinage : When the Validity of Money Was Restricted in Time
Svensson, Roger - 2020
A monetary system called periodic re-coinage was used during almost 200 years in large part of medieval Europe. Old coins were frequently declared invalid and had to be exchanged for new ones for an exchange fee. This system – which is equivalent to a Gesell tax – required a limited coin...
Persistent link: https://www.econbiz.de/10012827270
Cover Image
Renovatio Monetae : When Gesell Taxes Worked
Svensson, Roger - 2020
Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes were an important method for generating seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased...
Persistent link: https://www.econbiz.de/10012830531
Cover Image
The sensitivity of long-term interest rates to economic news : comment
Barnes, Michelle L.; Pancost, N. Aaron - 2010
Refet Gürkaynak, Brian Sack, and Eric Swanson (2005) provide empirical evidence that long forward nominal rates are overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations are not anchored because agents must infer the central...
Persistent link: https://www.econbiz.de/10008663345
Cover Image
Would price-level targeting destabilise the economy?
Minford, Patrick; Nowell, Eric; Webb, Bruce - 2005 - Revised September 2005
When indexation is endogenous price level targeting slightly adds to economic stability, contrary to widespread fears to the contrary. The aggregate supply curve flattens and the aggregate demand curve steepens, increasing stability in the face of supply shocks.
Persistent link: https://www.econbiz.de/10011516965
Cover Image
Nominal Bonds, Real Bonds, and Equity
Ang, Andrew - 2012
We decompose the term structure of expected equity returns into (1) the real short rate, (2) a premium for holding real long-term bonds, or the real duration premium, the excess returns of nominal long-term bonds over real bonds which reflects (3) expected inflation and (4) inflation risk, and...
Persistent link: https://www.econbiz.de/10013113165