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1、JournalofMonetaryEconomics18(1986)337-346.North-HollandMONEY,DEFLATIONANDSEIGNIORAGEINTHJ3FIFTEENTHCENTURYAReviewEssayMichaelD.BORDO*Universi@ofSouthCarolina,Columbia,SC29208,US41.IntroductionMonetaryeconomistshavelongbeeninterestedineconomichistoryasalabor
2、atoryforthetestingoftheory.Forthemonetaryeconomist,unusualmonetarydisturbancessuchasgolddiscoveriesandhyperinflations,uniqueinstitutionalarrangementssuchasfreebanking,anduniquemonetarystan-dardssuchasbimetallism,providetherawmaterialsforthetestingoftheories
3、.MonetaryeconomicshasfocusedmainlyontheexperienceofWesternEuropeandNorthAmericasincethebeginningofthenineteenthcentury,’becauseoftheavailabilityofdataandofcontinuitytomodemtimesofinstitutionsthenestablished.However,therehasalsobeenconsiderableinter-estinepi
4、sodesfromtheprecedingthreecenturies,e.g.,thePriceRevolutionofthesixteenthcentury[Hamilton(1934)],Colonialmoneyissues[Smith(1985),Wicker(1985)],theassignathyperinflation[White(1985)],thehistoricalsourcesofhyperinflation[Capie(1986)],andtheSouthSeaBubble[Neal
5、andSchubert(1985)].OnelargelyoverlookedepisodeofhistoryofgreatpotentialinteresttothemonetaryeconomististhelateMiddleAgesinNorthwesternEurope.Topicsofinterestforrecenttheoryfromthisepisodeinclude:conflictingmonetaryandrealexplanationsforlong-runpriceleveland
6、realoutputmovements,theoperationofearlycommoditymoneystandards,earlyattemptsatinflationaryfinance,time-inconsistentmonetarypolicies,andtheissueofcredibility.Ifirstpresentanoverviewofthekeythemesinlatemedievalmonetaryhistoryhighlightingthedebatebetweenrealis
7、tsandmonetarists.Ithenex-aminetheissueofpoliticsandmoney,focusingondebasementasapolicytool,followingwhichIassessanexcellentrecentcontributiontothisliterature,*MythanksforhelpfulcommentsandsuggestionsgotoForrestCapie,Axe1Leijonhuvud,BillPhillips,AngelaRedish
8、.MarkRush,AnnaSchwartz,andGeoffreyWood.’Forasurveyofthisliterature,seeBordo(1986).0304-3923/86/$3.5001986,ElsevierSciencePublishersB.V.(North-Holland)338M.D.Bordo.MediewleconomicItisrogH.Miskimin’sMone
