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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

Renovatio monetae : Gesell taxes in practice

Svensson, Roger; Westermark, Andreas - 2016

Persistent link: https://www.econbiz.de/10011518666

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

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

Regional Monetary Standards and Medieval Bracteates

Svensson, Roger - 2021

strong link between bracteates and periodic re-coinage explain the large number of bracteate types. The classification and … central problem when classifying bracteates is that most of them are anonymous, i.e., there are seldom any legends or letters …. However, bracteates struck in closely located mints almost always have the same regional monetary standard. In this study, I …

Persistent link: https://www.econbiz.de/10013237706

Money Creation : Genesis 3: Bank Deposits

Faure, Alexander Pierre - 2013

After the discovery by the goldsmith-bankers that loans could be made by the issue of the newly accepted means of payments, receipts/bank notes, there was an inevitable next step: deposit money. Bank notes are deposits, but in a different form. Bank deposits are also accounting entries, but they...

Persistent link: https://www.econbiz.de/10013083838

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

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

The Exchange Rate as an Intermediate Target of Stabilization Policy in Austria

Handler, Heinz - 2011

After the breakdown of the Bretton Woods system, Austria adhered to an exchange rate policy of adjustably pegging the schilling to a basket of stable currencies. Over the years the basket changed according to the respective priorities of overall economic policy and eventually shrunk to a single...

Persistent link: https://www.econbiz.de/10014180895

Identification With Taylor Rules : A Critical Review

Cochrane, John H. - 2009

The parameters of the Taylor rule relating interest rates to inflation and other variables are not identified in new-Keynesian models. Thus, Taylor rule regressions cannot be used to argue that the Fed conquered inflation by moving from a passive to an active policy in the early 1980s

Persistent link: https://www.econbiz.de/10014224370