Rui Pedro Esteves: He should go and read Sargent and Velde, "The Big Problem of Small Change," and also (perhaps) Usher, "The Early History of Deposit Banking in Mediterranean Europe." Otherwise, idea looks very good. A model of specie value plus "reform expectations" would be a good thing to explore... Data on how the value of the Castillan currency is specie value plus "reform expectations" looks very interesting indeed.
Posted by DeLong at February 18, 2003 08:08 AM | TrackBack