【主讲】Tao Zhu 副教授 (香港科技大学)
【主题】The Debasement Puzzle, Gresham's Law, and a Theory of Coinage
【时间】2013年11月11日 (周一) 16：00-17：30
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】The debasements in medieval Europe were often followed by large minting volume and seigniorage profits, constituting the so-called de- basement puzzle. In the meanwhile, old heavier coins were observed to cocirculate with new lighter coins, casting a doubt on Gresham's law. Here we offer a theory of coinage that appeals to divisibility and portability of commodity money. Coins are distinguished as different denominations by their metal contents. In a parameterized model, we find that the minting volume does surge following debasement while Gresham's Law may or may not hold.
