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UID:3ee95b93c452e314f47291ff5b4e5fdd
CATEGORIES:Seminars
CREATED:20210914T145020
SUMMARY:Lunch Seminar: François Velde - Chicago FED
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nMonetary Crisis and Reform in 17th c. Naples" with Lilia Costabile\n\n\
 nAbstract:\nIn 1622 a major foreign exchange and monetary crisis broke out 
 in Naples. We examine the origins of the crisis, going back to the mid-1550
 s. A sequence of events (in particular policy decisions by the government) 
 led to the replacement of full-bodied coinage by a mixture of inside money,
  issued by banks, and overvalued small denominations susceptible to clippin
 g and counterfeiting. The clipped coins circulated at par domestically but 
 the local currency depreciated on foreign markets. Contemporaries struggled
  to understand the problem and various solutions were attempted. When it be
 came known that a planned reform might impose costs on coin-holders the exc
 hange rate collapsed.\n
DTSTAMP:20260911T051736Z
DTSTART:20211026T130000Z
DTEND:20211026T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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