K. Kıvanç Karaman, Sevket Pamuk, Seçil Yıldırım-Karaman, 24 February 2018

There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.

Stephen Redding, David Weinstein, 03 October 2016

Big data stands to transform economic measurement in substantial ways. The volume and precision of data available allows economists to revisit the foundational assumptions underpinning common indexes. This column presents a new empirical methodology that leverages big data to translate nominal numbers into real output or welfare. ‘The unified approach’ nests major price indexes and addresses implicit biases in these measures. An examination with barcode data suggests that standard methods of measuring welfare overstate cost of living increases by ignoring new products and demand shifts.

Anthony Hotson, 23 April 2013

Medieval monetary practices reveal an alternative approach to currency stabilisation. This column examines the role of Mint prices as a device for stabilising the medieval bullion market. This might seem to be of limited relevance to managing modern currencies, yet a longer historical view helps to highlight different approaches to currency stabilisation. This raises a question for modern policymakers: should the price of some of the asset counterparts of today’s money be anchored, as bullion prices once were under the Mint system?

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