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Author:Rolnick, Arthur J. 

Working Paper
The debasement puzzle: an essay on medieval monetary policy

This paper establishes the stylized fact that medieval debasements were accompanied by unusually large minting volumes and revenues. This fact is a puzzle under the commonly held view that metallic coins are commodity money and exchange by weight. An existing explanation is that debased coins were used to reduce the real burden of nominally denominated debts. This explanation is logically flawed: nothing prevents agents from renegotiating contracts and avoid incurring minting costs. The paper also establishes other facts about monetary mutations, which altogether pose a challenge to monetary ...
Working Papers , Paper 536

Journal Article
Interview with Nancy Stokey

The Region , Volume 14 , Issue Dec , Pages 26-34

Journal Article
Gresham's law or Gresham's fallacy?

In this article, the authors argue the answer to their title depends on whether a qualifier is added to the standard version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the market). Rolnick and Weber next explain why the common qualifier to this law, which requires the mint to fix the rate of exchange at face value, does not reinstate the law. The common qualifier fails to give plausible reasons for how ...
Quarterly Review , Volume 10 , Issue Win , Pages 17-24

Working Paper
The banking crisis of the 1930s: new evidence from bank examination records

Working Papers , Paper 360

Conference Paper
Taking a new look at some old banking lessons

Proceedings , Paper 238

Journal Article
Interview with Ben S. Bernanke

Federal Reserve governor and noted macroeconomist on inflation targeting, asset bubbles, the Great Depression and other topics.
The Region , Volume 18 , Issue Jun , Pages 18-27

Journal Article
A case for branch banking in Montana

Quarterly Review , Volume 4 , Issue Spr

Working Paper
After Penn Square: the insurance dilemma

Working Papers , Paper 222

Working Paper
Inflation and money growth under alternative monetary standards

Working Papers , Paper 528

Working Paper
Suspension and the financing of the Civil War: a critique of Newcomb and Mitchell

Working Papers , Paper 265

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Banks and banking - History 7 items

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Suffolk Banking System 5 items

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