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Journal Article
The debasement puzzle: an essay on medieval monetary history
This study establishes several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to monetary economics. ...
Journal Article
Banking instability and regulation in the U.S. free banking era
Journal Article
Interview with Joseph E. Stiglitz
When Joseph Stiglitz was named to the president's Council of Economic Advisers in 1993, one pundit named the group "the dream team of economics," and another writer later dubbed him the council's "idea man."
Journal Article
Interview with Edward C. Prescott
When Prescott was named a Regents' professor at the University of Minnesota this summer?an honor reserved for just 20 active professors at any time?it was not only a recognition of his contributions to economics research, but also his dedication to the classroom.
Working Paper
The case for branch banking in Montana
Journal Article
The cost of Kelo
Contrary to last year's U.S. Supreme Court ruling Kelo v. City of New London, using eminent domain to foster economic development diminishes rather than enhances economic growth and the public good.
Journal Article
Interview with Anne O. Krueger
The first deputy managing director of the International Monetary Fund discusses currency boards, the resilient world economy and the importance of economic literacy, among other issues, with Minneapolis Fed Research Director Arthur J. Rolnick.