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List of Illustrations xiii List of Tables xv Preface xviiAcknowledgments xxi Part I: A Problem and Its Cure Chapter 1. Introduction3 Paper and gold. The enduring problem of small change. A model. Supplyside: the mint. Demand side: the coin owner. Shortages. Price leveldetermination. Remedies. A history. Structure of subsequent chapters.Chapter 2. A Theory 15 Valuation by weight or tale. A basic one-denominationtheory. Multiple denominations. Supply. Demand. Interactions of supply anddemand. Economics of interval alignments. Perverse dynamics. Spontaneousdebasements: invasions of foreign coins. Costs and Temptations. Opportunitycost. An open market operation from Castile. An open market operation for thestandard formula. Transparency of opportunity cost. Trusting the governmentwith bi = 0. Chapter 3. Our Philosophy of History 37 History and theory.Clues identified by our model. Cures. Our history. Part II: Ideas andTechnologies Chapter 4. Technology 45 Small coins in the Middle Ages. Thepurchasing power of a small coin. The medieval technology: hammer and pile.Production costs and seigniorage. Mechanization. The screw press. Thecylinder press. Other inventions. The steam engine. Counterfeiting,duplicating, imitating. Technologies and ideas. Chapter 5. Medieval Ideasabout Coins and Money 69 Medieval jurists as advocates of Arrow-Debreu.Romanists and Canonists. Construction of the medieval common doctrine.Sources and methods of the romanists. Money in a legal doctrine of loans.Tests in a one-coin environment. Multiple currencies and denominations.Multiple denominations. Multiple metals. Fluctuating exchange rates: thestationary case. Multiple units of accounts. Demonetization. Overdue paymentsand extrinsic value. Trends in exchange rates. Debasements and currencyreforms. A question from public law: setting seigniorage rates. Sources ofthe canonists. Debasements and seigniorage rates. Qualifications, exceptions,and discoveries. Early statement of double coincidence. Romanists repair thebreach. Canonists versus romanists on seigniorage. Another breach.Philosophers help. The cracks widen: debasements and deficit financing.Concluding remarks. Chapter 6. Monetary Theory in the Renaissance 100Precursors of Adam Smith. Debt repayment, legal tender, and nominalism.Dumoulin the revolutionary. Dumoulin's impact. Dumoulin the conservative.Fiat money. Fiat money in theory: Butigella. Double coincidence of wantsrevisited. Other formulations. Fiat money in practice. The conditions forvalued fiat money. Restrictions on fiat money. Limited legal tender. Quantitytheory. Lessons from the Castilian experience: fiat money. In Spain: Juan deMariana (1609). Forecasting inflation. In France: Henri Poullain (1612).Concluding remarks. Part III: Endemic Shortages and "Natural Experiments"Chapter 7. Clues 123 Shortages of small change and bullion famine. Shortagesand invasions of coins. Ghost monies and units of account. Free minting. Theevidence. Chapter 8. Medieval Coin Shortages 131 England. France. Shortageselsewhere. Concluding remarks. Chapter 9. Medieval Florence 139 Turbulentdebut of large coins in Tuscany. The Quattrini affair. Ghost monies as legaltender and unit of account. Florentine ghost monies: details. Concludingremarks. Appendix A: mint equivalents and mint prices. Minting. Appendix B: aprice index for fourteenth-century Florence. Chapter 10. Medieval Venice 160Four episodes. Piccolo and grosso, 1250 to 1320. Evolving units of account.Silver and gold, 1285 to 1353. Adaptation of units of account. Soldino andducat, 1360 to 1440. Rehearsing fiat money. The torneselli in Greece.Expansion near Venice. Concluding remarks. Appendix: mint equivalents andmint prices. Chapter 11. The Price Revolution in France 186 Relative pricechange as inflation. Disturbances to coin denominations. A three-coin model.Supply: movements in the relative prices of metals. Demand: within theintervals shortages. Anatomy of money and inflation. Types of coins and unitsof account. The price level. Supply: the relative price of gold and silver.Debasement of billon coins. Mysterious movements in exchange rates. Evidenceof small coins shortages. Policy responses. Perception of the problem by theauthorities. Unit of account and legal tender. Units of account andinternational trade: the fairs of Lyon. The reform of 1577. Collapse of thereform. Concluding remarks. Appendix: mint equivalents and mint prices.Chapter 12. Token and Siege Monies 216 Precursors of the standard formula.Medieval tokens. Siege money. Convertible token currency: an earlyexperiment. First attempt at standard formula. Part IV: Cures andSide-effects Chapter 13. The Age of Copper 227 The coinage of pure copper.Experiments in many countries. Chapter 14. Inflation in Spain 230 Elementsof the standard formula. The Castilian experiment. Monetary manipulations.Restamping. Crying down coins. Theory of the Castilian tokens. Additionalnotation. Multiple regimes. More learning: aspects of indeterminacy. Theevidence. The end of the token coin experiment. Comparison with inflationduring the French Revolution. Unintended consequence for Sweden. Concludingremarks. Appendix: money stocks and prices. Chapter 15. Copycat Inflationsin Seventeenth-Century Europe 254 France: flirting with inflation.Catalonia. Germany. Russia. The Ottoman empire. Chapter 16. England Stumblestoward the Solution 261 Free-token and other regimes. Laissez-faire ormonopoly: England's hesitations. Private monopoly (1613-44). Laissez-faire.The Slingsby doctrine. Government monopoly. The Great Recoinage of 1696. Themonetary system under the Restoration (1660-88). The crisis. A model withunderweight coins. The Locke-Lowndes debate. The Great Recoinage. Locke:genius or idiot? Chapter 17. Britain, the Gold Standard, and the StandardFormula 291 The accidental standard. Laws and ceilings. The guinea and legaltender laws. Newton's forecasts. Gold becomes the unit of account.Underweight coins. Neglect the pence. Implementation of the standard formula.Chapter 18. The Triumph of the Standard Formula 306 Germany's monetaryunion of 1838. Bimetallism versus the gold standard. Bimetallism in a smallcountry. Worldwide bimetallism. Passage to gold. The United States. The LatinMonetary Union. Free riders in monetary unions. The accident of 1873. Thestandard formula limps into place. Chapter 19. Ideas, Policies, and Outcomes320 Evolutions of ideas and institutions. Our history. Experiments. Majorthemes. Beliefs and interests. Units of account and nominal contracts. Smallchange and monetary theory. Currency boards, dollarization, and the standardformula. Learning by markets and by governments. Part V: A Formal TheoryChapter 20. A Theory of Full-Bodied Small Change 335 Chapter 21. The Model337 The household. Production. Production of goods. Production of coins.Government. Timing. Equilibrium. Analytical strategy. The firm's problem.Implications of the arbitrage conditions for monetary policy. Interpretationsof o2. Full-weight and underweight coins. The household's problem. Chapter22. Shortages: Causes and Symptoms 350 Equilibria with neither melting norminting. Stationary equilibria with no minting or melting. Small coinshortages. Small coin shortage, no minting or melting. Permanent andtransitory increases in 6. Logarithmic example. Money shortages bringinflation. Shortages of small coins through minting of large coins. Shortagesthrough melting of full-weight small coins. Perverse effects and theirpalliatives. Chapter 23. Arrangements to Eliminate Coin Shortages 366 Astandard formula regime. Variants of the standard formula. The standardformula without convertibility: the Castilian experience. Fiat currency.Chapter 24. Our Model and Our History 373 Glossary 375 References 377Legal Citations Index 393 Author Index 395 Subject Index 399