The Debasement Puzzle: An Essay on Medieval Monetary History
研究中世纪货币贬值现象，发现贬值后铸币量和铸币税异常增加，新旧硬币同时流通且有时按重量估值，这些事实对货币经济学构成挑战。
We establish several facts about medieval monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to monetary economics.