English, Article edition: Optimal divisibility when money is costly to produce Manjong Lee; Neil Wallace

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Bookmark: http://trove.nla.gov.au/version/112362
Physical Description
  • article
Language
  • English

Edition details

Title
  • Optimal divisibility when money is costly to produce
Author
  • Manjong Lee
  • Neil Wallace
Physical Description
  • article
Notes
  • There is wide agreement that currency was not available in conveniently small denominations prior to the 19th century. Here, estimates of the costs of providing and maintaining money (coins) in 15th century Europe and parameterized versions of a matching model of money are used to find the optimal degree of divisibility. Although the optima are sensitive to the specification of the matching model, the optimal sizes we find agree in order of magnitude with the sizes of the most common coins in 15th century Europe. (Copyright: Elsevier)
  • Divisibility of currency; Matching model; Coinage in the fifteenth century
  • RePEc:red:issued:05-106
Language
  • English
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