Following tradition, the names of medieval jurists are alphabetized according to their first names.
see also inflation
accident of 1873, 317
amphibian, 95
Andrea d’Isernia, 81, 97, 98, 186n
Antonio de Butrio, 87
Arrow-Debreu theory of value, 69
assignat, 248
Autun, 218
back-solving, 350
bagatino, 178
Baldus, 80
Bartolo da Sassoferrato, 78, 83, 85, 86, 89, 95, 106, 108
Belgium, 315
Béthune, 217
billon, 46, 48, 114, 119, 138, 174, 190, 192, 197, 199, 204, 209, 211, 223, 231, 232n, 244, 247, 254
bimetallism, 229, 308–313, 330
feasibility, 312
in a small country, 309
worldwide, 311
blanca, 233
Bodin, Jean, 186
Bornitz, Jakob, 112
Boulton, Matthew, 61
brassage, see costs of producing coins
Briot, Nicolas, 60
Bristol, 217
Budé, Guillaume, 110
Budel, René, 111
Bulgarus, 77
doubtful, 228
Buridan, Jean, 97
Butigella, Girolamo, 108
Camden, Sir William, 17
canon law, 71
seigniorage rate in, 91, 95–96
sources and methods, 90
see also the Legal citations index
cash-in-advance constraint, 10, 12, 87, 339
Castile
coin denominations in medieval, 48 tab. 4.1
costs of producing coins in, 51 tab. 4.2
history of the price level, 35 fig. 2.3
predicted, 117
long-run depreciation of small change, 16 fig. 2.1
monetary experiment in, 116, 230–253, 324, 325
open market operation in, 32
pure copper coinage in, 228
Catalonia
shortages of coins in, 222
Ciompi revolt, 146
clues provided by our model, 37–39, 124–128, 131, 145, 168, 187
coins, see gold, silver, subsidiary, copper
coins; small change
commodity money
conditions for, 21
inefficiency of, 101, 179, 230, 231
see also opportunity cost
communis opinio, 71, 78, 100, 103, 263, 272
convertibility, 4, 112, 265, 304
role in standard formula, 5
coordination problem
bimetallism, 312
in monetary union, 316
copper coins, 180, 209, 223, 227, 228, 254, 260, 264, 313
Corpus Juris Civilis, 73
costs of producing coins, 29, 50–52, 344, 346
counterfeiting, 64–67, 223, 323, 345
and token coinage, 30, 65, 113, 180, 218, 223, 247, 265, 267, 270
duplicating, 65
easier for underweight coins, 362n
government intolerance of, 65
government tolerance of, 31, 67, 271
imitating, 66
counters, 216
cry-down, 199, 233, 236, 239, 371
cry-up, 199
cuarto, 233, 241, 243, 244 fig. 14.5
analogy to convertible tokens, 330
currency competition, 257
diffusion of, 58
debasements
as cure for shortages, 11, 29, 39, 133, 135, 282, 321, 364
in France, 197
in Tuscany, 140
invasions as, 30
noninflationary, 364
spontaneous, see invasions of foreign coins to generate seigniorage revenues, 96, 139, 168n, 178, 228, 245, 261, 289
debt repayment
in Renaissance thinking, 103
Delft, 218
denominations
multiple, 21
depreciation
of small change
see also exchange rate movements
dollar, 310
Doneau, Hugues, 104
double coincidence of wants, 103, 322
Paulus, 93
rediscovered in the Renaissance, 103
see also Dig. 18.1.1 in the Legal citations index
dozen, 46
Duaren, François, 110
duplicating, see counterfeiting
écu (gold), 192, 194, 198, 206, 208, 209, 211, 214, 324
écu (silver), 310, 316, 318, 319
England
coin denominations in medieval, 48 tab. 4.1
costs of producing coins in, 51 tab. 4.2
history of the price level, 35 fig. 2.3
invasions of foreign coins in, 132–134, 169
long-run depreciation of small change, 16 fig. 2.1
penny of, 131
shortages of coins in, 131–135, 287n
equilibrium, 342
Erasmus, 217
exchange rate
indeterminacy, 10, 31, 37, 231, 233, 240, 335n, 349, 353, 367
movements, 322
in England, 292
see also small change (depreciation of)
export
of silver, 169, 206, 274, 275, 283
export of silver, 144, 150, 339
face value, see legal tender
Faenza, 219
fairs of Lyon, 207
feudal law
debasements in, 98
concept invented, 107
early examples, 111
theories of, 69
well-managed, 7
Fisher, Irving, 101
Flanders
coin denominations in medieval, 48 tab. 4.1
costs of producing coins in, 51 tab. 4.2
long-run depreciation of small change, 16 fig. 2.1
Florence
coin denominations in medieval, 48 tab. 4.1
exchange rate movements in, 140, 145, 148
grosso of, 47, 48, 51, 52, 82, 128, 140–145, 150, 154, 155
inflation in, 146
invasions of foreign coins in, 144, 150
long-run depreciation of small change, 16 fig. 2.1
shortages of coins in, 144, 150
florin, 52, 140, 141, 160, 258
sealed, 148
as unit of account, 149
football, 198
Forcadel, Étienne, 110
franc, 192, 195, 209, 211, 215
France
and the Latin Monetary Union, 315
coin denominations in medieval, 48 tab. 4.1
costs of producing coins in, 51 tab. 4.2
debasements in, 197
exchange rate movements in, 199–202
ghost monies in, 211
history of the price level, 35 fig. 2.3
invasions of foreign coins in, 135–137
legal tender laws in, 205
long-run depreciation of small change, 16 fig. 2.1
monetary reform in 1577, 66, 187, 203, 208, 324
Price Revolution in, 186
shortages of coins in, 135–137, 202–204, 306n
Frederic II, German emperor, 219
free banking, 264
free minting, see minting
free token regime, 264, 266, 270, 292
termination of, 218, 264, 269, 303
French Revolution, 248
Gabriel Biel, 96
Germany
gold standard in, 317
shortages of coins in, 257
ghibellino, 155
effects of legal restrictions on, 127, 147
in France, 211
see also units of account
gluts of small change, 307
Godefroy, Denis, 104
gold coins
as commodity, 78
as unit of account, 3, 208, 298
introduced in Europe, 80
repaid in silver coins, 80
see also ducat; écu; escudo; florin; guinea
gold points, see silver points
gold standard, 4n, 21, 124, 211, 229, 261, 262, 287, 291, 298, 301, 327
accidental, 293
as barbarous relic, 36
evolution of, 293
in England, 293
in United States, 318
gold/silver ratio, 166, 188, 193–197, 296–297, 312
endogenous, 310
golf, 198
González Téllez, Manuel, 112
grosso
of Florence, 47, 48, 51, 52, 82, 128, 140–145, 150, 154, 155
of Venice, 79, 82, 131, 160–166, 168, 183, 184
guelfo, 141
Guillaume Durant, 89
gulden, 307
hammer and pile, see minting technology (medieval)
Hostiensis, 91
imitating, see counterfeiting
inflation, 371
generated by shortages of coins, 360
in ancient Egypt, 12n
in Castile, 244
predicted, 117
in Florence, 146
in Prussia, 258
in Russia, 260
in the Ottoman empire, 260
in Venetian territories, 177
Ingenio of Segovia, 61, 117, 231, 232
Inquisition, Spanish, 116
alignment of, 27
misalignment of, 28, 33, 38, 170
intrinsic content
in Roman law, 84
intrinsic value, 103
invasions of foreign coins, 31, 124, 125
and coin shortage, 125
as spontaneous debasements, 30
Ireland
shortage of coins in, 31
Irnerius, 94
see also Florence; Lucca; Milan; Siena; Tuscany; Venice
Jacopo de Belvisio, 84
Kalman filter, 157
Keynes, John Maynard, 36
Kipper- und Wipperzeit, see inflation in Germany, 257
Lagrange multiplier, 10, 26n, 349
Law, John, 120
by markets, 331
Lefebvre, Valentin, 172
legal restrictions
on export of metal, 132
on export of silver, 133, 163, 164
on minting, see minting on government account; free minting
legal tender
Dumoulin’s views on, 106
in France, 205
limited, 114, 115, 180, 209, 223, 269, 300
modelled, 368
values, 127
Locke, John, 282–285, 287–290, 363
Low Countries
copper coins in, 228n
debt repayment laws, 104
see also Flanders
Lowndes, William, 281–282, 363
Lucca
m
Mâcon, 218
Malestroit, Jean Cherruyer de, 186
maravedi
copper, 233
silver, 233
Mariana, Juan de, 116–118, 240, 244
Maubeuge, 218
melting
legal restrictions on, 133, 209
see also export
melting points, see minting points
Milan
costs of producing coins in, 51 tab. 4.2
Mill Mint, in Paris, 54, 209, 254
mint, supply of coins by, 8
minting
on government account, 20, 164, 174, 209
unlimited or free, 20, 128, 303, 310, 340
minting technology
and counterfeiting, 65
see also screw press; cylinder press
model
version with three coins, 189–191
version with underweight coins, 279–281, 302
with a small bimetallic country, 309–310
monetary reform
in France, 1577, 66, 187, 203, 208, 324
monetary union
free riders in, 316
Latin Monetary Union, 315–317, 319
monitoring of, 307
Monneron fibrés, 63
μi, 25
Necker, Jacques, 272n
Netherlands
shortages of coins in, 137
Newton, Sir Isaac, 270, 282, 287–288, 296–298
no-arbitrage conditions, 343
nominal contracts, 328
nominal rigidities, 329
obsidional currency, see siege money
obverse, 66
ochavo, 233
Oldrado da Ponte, 88
Olivier, Aubin, 54
open market operation, 28, 33–34
contemplated in Castile, 245
opportunity cost of commodity money, 35
calculated by Friedman, 32, 188
deplored by Keynes, 36
noticed by Philip II of Spain, 231
Ottoman empire
inflation in, 260
overvalued coins, 116, 162, 173, 210, 257, 265, 344
see also token coinage
Panormitanus, 87
Paulus, 93
of England, 131
of Florence, see picciolo
of Venice, see piccolo of Verona, 160
penny-in-advance constraint, 10, 27, 205, 339
Pierre de Belleperche, 85
Placentinus, 94
Pothier, Robert Joseph, 105
pound, 46
alternative meanings, 82
see also unit of account
price level
indeterminacy, 38
targeting, 329
Price Revolution
price stability, goal of monetary policy, 115
Prussia, inflation in, 258
purchasing power parity
Poullain’s formulation, 119
quantity theory of money, 7, 11, 19, 115, 173, 238
equations for, 26
split in two, 335, 351, 360, 364
quattrino, 47, 52, 132, 141, 142, 150
rate of return dominance, 9
rational expectations, 327
real, 200, 201, 209, 233, 237n
reinforcements, 365
reverse, 67
Rogerius, 78
Roman law
debt repayment in, 70–71, 74–81, 83–90
double coincidence of wants in, 93–95
exchange rate movements in, 81, 87
intrinsic content in, 84
multiple denominations in, 79–80
seigniorage rate in, 95
unit of account in, 83
see also the Legal citations index
Russia, inflation in, 260
Saint-Omer, 219
Scaccia, Sigismondo, 112
scrip, 203
rate
in Roman law, 95
philosophers’ views, 97
set to zero, 273
revenues
generated by debasements, 96, 139, 168n, 178, 228, 245, 261, 289
shaving, 346
shilling, see dozen
shortages of coins
cures for, 39
during sieges, 220
exchange rate fluctuations induced by, 27
in Catalonia, 222
in France, 135–137, 202–204, 306n
in Germany, 257
in Ireland, 31
in the Netherlands, 137
see also abundance of coins
justified by jurists, 98
precursor of standard formula, 216
Siena
silver coins
see also dollar; écu; franc; grosso; teston; real; thaler; subsidiary coins
and standard formula, 24
Slingsby, Sir Henry, xviii, 13, 120, 268
small change
depreciation, 9, 11, 15, 25, 349, 351, 357, 364
issued
by government monopoly, 268
by unregulated private sector, 63, 271, 316
purchasing power of, 47
see also shortages of coins
Smith, Adam
his thought experiment, 101, 117n, 120, 227, 263, 330, 331n
Spain
shortages of coins in, 137–138
stamping of coins, 221, 223, 234–236, 252
standard formula
and bimetallism, 309
defined, 5
early statement
by Say, 304
by Slingsby, 268
Germany, 307
implementation
early, in Catalonia, 224
in the United States, 315
modelled, 366
trusting the government with, 36
see also convertibility; token coinage
steam engine, see minting technology (modern)
sticky prices, 329
subsidiary coins, 3, 224n, 254, 314, 315, 320
substitutes
small and large coins as, 25, 150, 179, 244n, 255, 338
surhaussement, see exchange rate movements in France
sweating, 346
tale, valuation by, 16–19, 22, 75, 322
see also weight, valuation by technology, see minting technology
Tendilla, Íñigo López de Mendoza, count of, 220
thaler, 257, 258, 307, 308, 318
Thomas Aquinas, St, 97
token coinage, 3
medieval precursors, 216
supplied
by government, see standard formula (implementation); Castile
by private monopoly, 118, 254, 264–266
by unregulated private sector, 217, 266
see also free token regime; siege money
trust
in God, 69
see also credibility
Tuscany
debasements in, 140
Uhlhorn, Dietrich, 63
underweight coins, 272–276, 279–281, 283–285, 292, 299–300, 302, 346–348, 361–363
problem for Locke, 283
unit of account, 3, 82–83, 207, 292
and contracts, 328
and gold standard, 262
and legal tender laws, 88
change from silver to gold, 326
endogenous, 298
exogenous, 208
in monetary reform of 1577, 208
in Roman law, 83
maravedi, 233
Newton and silver, 298
sealed florin, 149
United States
history of the price level, 35 fig. 2.3
standard formula
implementation in, 315
Valencia, Gregorio, 110
see also Castile (monetary experiment in)
Venice
exchange rate movements in, 163, 166, 170
ghost monies in, 164–165, 168, 171
grosso of, 79, 82, 131, 160–166, 168, 183, 184
inflation in its territories, 177
invasions of foreign coins in, 164, 178
legal tender
values in, 166
legal tender values in, 164
long-run depreciation of small change, 16 fig. 2.1
shortages of coins in, 163, 166, 169
Verona
penny of, 160
Warin, Jean, 56
wear and tear, 168n, 191n, 253, 292, 299, 300n, 302, 346
weight, circulation by
of overweight coins, 134
of underweight coins, 285
weight, valuation by, 16–19, 22
evident to John Locke, 283
preferred by Sir William Camden, 17
see also tale (valuation by)