Velde asks what happens to prices, wages, and output when the nominal money supply is cut literally overnight, and finds a real-world natural experiment in 1720s France, where the government …
Written on the eve of Argentina's 2001-02 currency-board collapse, this Chicago Fed policy piece examines Argentina's 1991-99 dollar peg as a test case for the costs and benefits of full …
In 1716-1720, John Law restructured French public finance by converting most of the government's debt into equity in a trading-and-tax-farming conglomerate and replacing silver coin with paper money; …
Interpreting the French Revolution through the lens of government-budget-constraint theory, this paper traces how a pre-1789 fiscal crisis, the assignat's evolution from tax-backed money into fiat …