William Roberds

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We use a Bayesian Markov Chain Monte Carlo algorithm jointly to estimate the parameters of a 'true' data generating mechanism and those of a sequence of approximating models that a monetary authority uses to guide its decisions. Gaps between a true expectational Phillips curve and the monetary authority's approximating non-expectational Phillips curve(More)
Keywords: Bank of Amsterdam Fiat money Commodity money Monetary policy Credit policy a b s t r a c t A fiat money system was introduced in the seventeenth century by a prominent public bank of the time, the Bank of Amsterdam. Employing data from the bank's archives, we show that bank money became a more attractive transactions medium following a 1683 policy(More)
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