The Best and Worst of Currencies: Seigniorage and Currency Policy in Spain, 1597–1650
研究西班牙君主国在17世纪初战争融资中，对高面额金银币与小额辅币实行差别定价策略，通过提高小额辅币铸币税率获取大量收入，并分析了名义与实际小额货币存量的变化。
The Spanish Monarchy pursued a rational policy of price discrimination among its Castilian currencies while financing its early-seventeenth-century wars. Large-denomination gold and silver coins circulated internationally, forcing the Monarchy to act more competitively and not seek additional short-run revenue. In contrast, petty coinage was a local monopoly. The Monarchy raised seigniorage rates and issued large quantities, generating large revenues. The nominal petty money stock grew rapidly, then fluctuated. The real petty money stock grew, then varied little as petty currency depreciation dampened nominal changes.