Journal Article

The tale of Gresham's law


Abstract: Gresham?s law, which says that bad money tends to drive good money out of circulation, may account for many nations? episodes of money troubles, as far back as ancient Athens. This Commentary discusses the two main explanations for Gresham?s law and suggests some circumstances in which the law does not apply.

Keywords: Money; Gresham's law;

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Commentary

Publication Date: 2005

Issue: Oct

Order Number: 1