Swedish abstract: Periodiska myntindragningar tillämpades under nästan 200 år i stora delar av medeltidens Europa. Gamla mynt förklarades ogiltiga och skulle växlas in mot nya till på förhand bestämda kurser och datum. Denna skatt var likvärdig med en modern Gesellskatt på pengainnehav...

In den letzten drei Jahrhunderten wurde mehrmals der Versuch gestartet, eine stabile Währungsunion aus souveränen Staaten zu bilden. Vier historische Beispiele sollen durch ihre Entstehungsgeschichte und ihren Zerfall Aufschluss darüber geben, welche Gründe und Ursachen die Instabilität von...

The Bank of Amsterdam, founded in 1609, was the first public bank to offer accounts not directly convertible to coin. As such, it can be described as the first true central bank. The debut of central bank money did not result from any conscious policy decision, however, but instead arose almost...

"This paper outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the...

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...

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...

This works covers peculiarities of formation of Georgian monetary system in XI-XII centuries and their effect on the international financial and economic relations. In this works we have researched the matters of formation of monetary policy of feudal age and their effect on development of...

An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

The paper analyses the development in inflation in Denmark during the last century. New annual input-output based time-series data for the underlying domestic inflation in Denmark 1903-2002 is constructed by stripping the development in the private consumption deflator for price increases caused...