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A Model of Bimetallism
Federal Reserve Bank of Minneapolis Research Department A Model of Bimetallism François R. Velde and Warren E. Weber Working Paper 588 August 1998 ABSTRACT Bimetallism has been the subject of considerable debate: Was it a viable monetary system? Was it a de- sirable system? In our model, the (exogenous and stochastic) amount of each metal can be split between monetary uses to satisfy a cash-in-advance constraint, and nonmonetary uses in which the stock of un- coined metal yields utility. The ratio of the monies in the cash-in-advance constraint is endogenous. Bi- metallism is feasible: we find a continuum of steady states (in the certainty case) indexed by the constant exchange rate of the monies; we also prove existence for a range of fixed exchange rates in the stochastic version. Bimetallism does not appear desirable on a welfare basis: among steady states, we prove that welfare under monometallism is higher than under any bimetallic equilibrium. We compute welfare and the variance of the price level under a variety of regimes (bimetallism, monometallism with and without trade money) and find that bimetallism can significantly stabilize the price level, depending on the covari- ance between the shocks to the supplies of metals. Keywords: bimetallism, monometallism, double standard, commodity money *Velde, Federal Reserve Bank of Chicago; Weber, Federal Reserve Bank of Minneapolis and University of Minne- sota. We thank without implicating Marc Flandreau, Ed Green, Angela Redish, and Tom Sargent. The views ex- pressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Chicago, the Fed- eral Reserve Bank of Minneapolis, or the Federal Reserve System. -
The Cases of the Liberty Dollar and E-Gold Lawrence H
The Troubling Suppression of Competition from Alternative Monies: The Cases of the Liberty Dollar and E-gold Lawrence H. White Proposals abound for reforming monetary policy by instituting a less-discretionary or nondiscretionary system (“rules”) for a fiat- money-issuing central bank to follow. The Federal Reserve’s Open Market Committee could be given a single mandate or more gener- ally an explicit loss function to minimize (e.g., the Taylor Rule). The FOMC could be replaced by a computer that prescribes the mone- tary base as a function of observed macroeconomic variables (e.g., the McCallum Rule). The role of determining the fiat monetary base could be stripped from the FOMC and moved to a prediction mar- ket (as proposed by Scott Sumner or Kevin Dowd). Alternative pro- posals call for commodity money regimes. The dollar could be redefined in terms of gold or a broader commodity bundle, with redeemability for Federal Reserve liabilities being reinstated. Or all Federal Reserve liabilities could actually be redeemed and retired, en route to a fully privatized gold or commodity-bundle standard (White 2012). All of these approaches assume that there will con- tinue to be a single monetary regime in the economy, so that the way to institute an alternative is to transform the dominant regime. Cato Journal, Vol. 34, No. 2 (Spring/Summer 2014). Copyright © Cato Institute. All rights reserved. Lawrence H. White is Professor of Economics at George Mason University, a member of the Mercatus Center Financial Markets Working Group, and a Senior Fellow at the Cato Institute. 281 Cato Journal A different approach to monetary reform is to think about ways that alternative monetary standards might arise in the marketplace to operate in parallel with the fiat dollar, perhaps gradually to displace it. -
INFORMATION BULLETIN #50 SALES TAX JULY 2017 (Replaces Information Bulletin #50 Dated July 2016) Effective Date: July 1, 2016 (Retroactive)
INFORMATION BULLETIN #50 SALES TAX JULY 2017 (Replaces Information Bulletin #50 dated July 2016) Effective Date: July 1, 2016 (Retroactive) SUBJECT: Sales of Coins, Bullion, or Legal Tender REFERENCE: IC 6-2.5-3-5; IC 6-2.5-4-1; 45 IAC 2.2-4-1; IC 6-2.5-5-47 DISCLAIMER: Information bulletins are intended to provide nontechnical assistance to the general public. Every attempt is made to provide information that is consistent with the appropriate statutes, rules, and court decisions. Any information that is inconsistent with the law, regulations, or court decisions is not binding on the department or the taxpayer. Therefore, the information provided herein should serve only as a foundation for further investigation and study of the current law and procedures related to the subject matter covered herein. SUMMARY OF CHANGES Other than nonsubstantive, technical changes, this bulletin is revised to clarify that sales tax exemption for certain coins, bullion, or legal tender applies to coins, bullion, or legal tender that would be allowable investments in individual retirement accounts or individually-directed accounts, even if such coins, bullion, or legal tender was not actually held in such accounts. INTRODUCTION In general, an excise tax known as the state gross retail (“sales”) tax is imposed on sales of tangible personal property made in Indiana. However, transactions involving the sale of or the lease or rental of storage for certain coins, bullion, or legal tender are exempt from sales tax. Transactions involving the sale of coins or bullion are exempt from sales tax if the coins or bullion are permitted investments by an individual retirement account (“IRA”) or by an individually-directed account (“IDA”) under 26 U.S.C. -
A Culture of Recording: Christopher Raeburn and the Decca Record Company
A Culture of Recording: Christopher Raeburn and the Decca Record Company Sally Elizabeth Drew A thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy The University of Sheffield Faculty of Arts and Humanities Department of Music This work was supported by the Arts & Humanities Research Council September 2018 1 2 Abstract This thesis examines the working culture of the Decca Record Company, and how group interaction and individual agency have made an impact on the production of music recordings. Founded in London in 1929, Decca built a global reputation as a pioneer of sound recording with access to the world’s leading musicians. With its roots in manufacturing and experimental wartime engineering, the company developed a peerless classical music catalogue that showcased technological innovation alongside artistic accomplishment. This investigation focuses specifically on the contribution of the recording producer at Decca in creating this legacy, as can be illustrated by the career of Christopher Raeburn, the company’s most prolific producer and specialist in opera and vocal repertoire. It is the first study to examine Raeburn’s archive, and is supported with unpublished memoirs, private papers and recorded interviews with colleagues, collaborators and artists. Using these sources, the thesis considers the history and functions of the staff producer within Decca’s wider operational structure in parallel with the personal aspirations of the individual in exerting control, choice and authority on the process and product of recording. Having been recruited to Decca by John Culshaw in 1957, Raeburn’s fifty-year career spanned seminal moments of the company’s artistic and commercial lifecycle: from assisting in exploiting the dramatic potential of stereo technology in Culshaw’s Ring during the 1960s to his serving as audio producer for the 1990 The Three Tenors Concert international phenomenon. -
Important Information About Ordering from the Royal Australian Mint
Return to: Locked Bag 31 Customer No: KINGSTON ACT 2604 ORDER FORM – March 2019 Australian and International Deliveries Important information about ordering from the Royal Australian Mint Phone Orders: 1300 652 020 International: +61 2 6202 6800 General Conditions For the cost of a local call you can place your order with our Contact Centre. • All cheques and money orders should be in Australian dollars and made payable The Contact Centre is open 8.30 am – 5.00 pm (AEDST) Monday to Friday excluding public holidays. to the Royal Australian Mint. • Cheques and money orders will only be accepted with mailed orders. (Aust. only) Online Ordering: https://eshop.ramint.gov.au • Postage must be included with all coin orders, except for an order in Australia Ordering from our website is safe, secure and easy. Our site is available 24 hours a day, valued at $350.00 or more in one transaction. seven days a week. Registering online and providing us with your email address means • Unless otherwise stated Australian domestic orders will be dispatched within we can keep you informed of coin releases and launch dates. 10 – 14 working days of the order being processed. • Unless otherwise stated Australian and international orders will be dispatched Terms & Conditions relating to lost packages when using within 21 working days of the order being processed. re-direction through MyPost Delivery App. • Orders may be split by the Royal Australian Mint to meet our delivery schedule The Royal Australian Mint will not be not liable for any missing customer orders where orders sent and stock availability. -
Q3-Q4/16 – Two Centuries of Currency Policy in Austria
Two centuries of currency policy in Austria This paper is devoted to currency policies in Austria over the last 200 years, attempting to Heinz Handler1 sketch historical developments and uncover regularities and interconnections with macroeco- nomic variables. While during the 19th century the exchange rate resembled a kind of technical relation, since World War I (WW I) it has evolved as a policy instrument with the main objec- tives of controlling inflation and fostering productivity. During most of the 200-year period, Austrian currencies were subject to fixed exchange rates, in the form of silver and gold standards in the 19th century, as a gold-exchange standard and hard currency policy in much of the 20th century, and with the euro as the single currency in the early 21st century. Given Austria’s euro area membership, national exchange rate policy has been relinquished in favor of a common currency which itself is floating vis-à-vis third currencies. Austria’s predilection for keeping exchange rates stable is due not least to the country’s transformation from one of Europe’s few great powers (up to WW I) to a small open economy closely tied to the large German economy. JEL classification: E58, F31, N13, N14, N23, N24 Keywords: currency history, exchange rate policy, central bank, Austria When the privilegirte oesterreichische versus flexible exchange rates. During National-Bank (now Oesterreichische most of the period considered here, Nationalbank – OeNB)2 was chartered Austrian currencies were subject to in 1816, the currency systems of major fixed exchange rates, in the form of sil- nations were not standardized by any ver and gold standards in the 19th cen- formal agreement, although in practice tury, as a gold-exchange standard in a sort of specie standard prevailed. -
Clarinet Concertos Nos. 1 and 2
WEBER Clarinet Concertos Nos. 1 and 2 Concertina Ernst Ottensamer, Clarinet Czecho-Slovak State Philharmonic (Kdce) Johannes Wildner Carl Maria von Weber (1786 - 1826) Clarinet Concerto No. 1 in F Minor, Op. 73 (J. 109) Clarinet Concerto No. 2 in E Flat Major, Op. 74 (J. 114) Clarinet Concertino in E Flat Major, Op. 26 (J. 118) It was natural that there should be an element of the operatic in the music of Weber. The composer of the fint great Romantic German opera, Der Freischutz, spent much of his childhood with the peripatetic theatre company directed by his father, Franz Anton Weber, uncle of Mozart's wife Constanze and, like his brother, Constanze's Father, at one time a member of the famous Mannheim orchestra. At the time of Weber's birth his father was still in the service of the Bishop of Lubeck and during the course of an extended visit to Vienna had taken a second wife, an actress and singer, who became an important member of the family theatre company established in 1788. Weber's musical gifts were fostered by his father, who saw in his youngest son the possibility of a second Mozart. Travel brought the chance of varied if inconsistent study, in Salzburg with Michael Haydn and elsewhere with musicians of lesser ability. His second opera was performed in Freiberg in 1800, followed by a third in Augsburg in 1803. Lessons with the Abbe Vogler led to a position as Kapellmeister in Breslau in 1804, brought to a premature end through the hostility of musicians long established in the city and through the accidental drinking of engraving acid, left by his father in a wine-bottle. -
GENERAL CONFERENCE Industrial Development Board
Distr. GENERAL GC.8/15 IDB.21/30 31 August 1999 United Nations Industrial Development Organization ORIGINAL: ENGLISH GENERAL CONFERENCE Eighth session Vienna, 29 November - 3 December 1999 Item 11 (g) of the provisional agenda Industrial Development Board Resumed twenty-first session Vienna, 29 November 1999 Agenda item 4 (j) IMPLICATIONS OF THE EURO FOR UNIDO Report by the Director-General Reports on the budgetary, operational and financial aspects of the adoption of a single-currency system of assessment based on the euro, in compliance with decision IDB.21/Dec.8. CONTENTS Paragraphs Page Introduction .................................................................. 1 - 3 2 Chapter I. THE EURO............................................................ 4 - 7 2 II. ACTION TAKEN BY UNIDO ............................................ 8 - 9 2 III. SPLIT-CURRENCY SYSTEM OF ASSESSMENT ............................ 10 - 15 3 IV. OTHER ORGANIZATIONS .............................................. 16 - 17 4 V. THE ISSUE............................................................ 18 - 39 4 A. Replace schillings with euros under the split-currency system ................. 19 - 22 4 B. Introduce a euro-based single-currency system ............................ 23 - 39 5 VI. CONCLUSION......................................................... 40 8 VII. ACTION REQUIRED OF THE BOARD .................................... 41 8 Annexes I. Summary of major budgetary, operational and financial implications ................................... 9 II. Other organizations........................................................................ -
The Sovereign Guide to Collecting Gold Sovereigns
THE SOVEREIGN EXPERT GUIDE TO COLLECTING GOLD SOVEREIGNS Managing Consultant Alex Hanrahan shares his guide to collecting Gold Sovereigns Alex Hanrahan Managing Consultant ore CPM clients choose to build a collection Mof Gold Sovereigns than any other coin available to date. But with two centuries of Gold Sovereigns to choose from, how do you create a meaningful collection worthy of passing on to your children and grandchildren? Reverse side of Obverse side of 1817 Sovereign 2017 Sovereign Let’s start with the question of “Why collect Gold Sovereigns?” CPM, PO Box 7776, Poole, BH12 9HR 1 Why Collect Gold Sovereigns? uite simply the Gold Sovereign is without rival as the United QKingdom’s premiere Gold Coin. Struck from 22 Carat Gold to the exact same specification since 1817, it epitomises all that is British. Traded across the world during the 19th Century and early 20th Century, it became known as “The Chief Coin of the World”, whilst today’s modern Proof Sovereigns show consistent collector interest and regular sell-outs. What’s more the Gold Sovereign remains both popular and accessible, with many options to create meaningful collections at affordable prices, even going right back to George III’s reign. " So how do I ensure I create a meaningful Gold Sovereign collection?" The key is to select an element that ties together the Gold Sovereigns in your collection to create a historically meaningful collection. Here are my top 5 recommendations for building a Gold Sovereign collection. To give you some sense of affordability and ease of completion, I have rated each out of 5 stars. -
DEPARTMENT of the TREASURY United States Mint Prices Of
This document is scheduled to be published in the Federal Register on 10/20/2020 and available online at federalregister.gov/d/2020-23117, and on govinfo.gov DEPARTMENT OF THE TREASURY United States Mint Prices of Mayflower 400th Anniversary Gold Coins on the “2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products” Grid AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint announces pricing for the Mayflower 400th Anniversary Gold Coins on the 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid. An excerpt of the grid, including a recent price range for the Mayflower 400th Anniversary Gold Coins, appears below: 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products **Does not reflect $5 discount during introductory period American American Eagle Average American Eagle American Buffalo American Eagle American Liberty First Spouse Gold First Spouse Gold End of World War II 75th End of World War II 75th Mayflower Voyage Two- Mayflower Gold Reverse Commemorative Gold Commemorative Gold Size Eagle Palladium (Numismatic Price per Ounce Gold Uncirculated 24K Gold Proof Platinum Proof 24K Gold Proof Coin Uncirculated Coin Anniversary 22K Gold Coin Anniversary 24K Gold Coin Coin Gold Proof Set Proof Coin Proof* Uncirculated* Gold Proof Versions) $1950.00 to $1999.99 1 oz $2,625.00 $2,590.00 $2,665.00 $2,545.00 $2,650.00 $2,690.00 $2,650.00 1/2 oz $1,330.00 $1,360.00 $1,340.00 $1,360.00 1/4 oz $ 677.50 $727.50 1/10 oz $ 285.00 $ 315.00 4-coin set $4,872.50 2-coin set $1,525.00 commemorative gold $ 710.75 $ 700.75 commemorative 3-coin set $ 776.25 The complete 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid will be available online at https://catalog.usmint.gov/coin-programs/american-eagle-coins. -
EURO Based Currency Union: Motivation for Muslim Countries’ Economic Growth
www.ccsenet.org/ijbm International Journal of Business and Management Vol. 6, No. 3; March 2011 EURO Based Currency Union: Motivation for Muslim Countries’ Economic Growth Mohammad Naveed Ahmed Department of Business Administration & Tourism Management Yunnan University, Kunming, China E-mail: [email protected] Kanya Hemman Department of Business Administration & Tourism Management Yunnan University, Kunming, China E-mail: [email protected] Abstract In economics, a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the EURO currency. A currency union differs from an economic and monetary union, where it is not just currency but also economic policy that is pooled or coordinated by a region. This paper will look into the EURO currency based currency union to see whether it really improves the member countries economic performance or not, which might be the motivation for Muslim countries to organize a currency union for their growth. To do this research, the economic data are collected from the World Bank Development Indicators database. Keywords: Currency Union, EURO, Gold dinar 1. Introduction Currency union is adoption of a single currency by a bunch of countries. European Union (EU) has recently formed a currency union by adopting a single currency called euro. Dollar inflation is the primary economic motivation and compulsion to seek a European substitute for the dollar. Primary aim under European Monetary Union (EMU) was to guarantee a price stability through monetary policy conducted by independent European central bank (ECB) using a single European currency. -
Beaver Money
Beaver Money Readers should feel free to use information from the website, however credit must be given to this site and to the author of the individual articles. Over fifty-eight thousand dollars in gold coin was minted in Oregon City by the Oregon Exchange Company in 1849 and is known as Beaver money.1 The coins earned their name from the image of a beaver which was impressed on the obverse side of each coin. The production of these five and ten dollar pieces had the approval of both Oregon’s provisional legislature and George Abernethy the provisional governor.2 Unfortunately, the minting of this specie was problematic even from the outset. Beaver money finds its origin in the aftermath of the California Gold Rush when hundreds of miners returned to Oregon bearing gold dust. Estimates put the value of the gold in Oregon at over two million dollars.3 The gold was not fungible, which is to say that it was hard to accurately weigh loose dust on scales that were not uniform - the gold needed to be minted in a solid recognizable form of consistent weight. Store owners were accused of rigging their scales to give them more than an ounce, and customers were sometimes guilty of mixing yellow sand in with gold to trick proprietors.4 Uncertainty about the purity of transaction gold placed the dust’s value at anywhere from ten to sixteen dollars an ounce depending upon the store owner’s decision. 5 Joseph Lanes arrival as the first governor of the recently established Oregon Territory threw a wrench into the legislature’s plan.