Fiat money, central banking and the Bank of Amsterdam: Atlanta Fed research
The introduction of the fiat money system allowed the Bank of Amsterdam to conduct more regular and aggressive policy interventions, foreshadowing what was to come in central banking, a paper published by the Atlanta Federal Reserve on 7 December shows.
"How Amsterdam got Fiat Money," a 109-page working paper by Stephen Quinn and William Roberds, investigates the implications of fiat money for monetary policy, using the Bank of Amsterdam, a commercial bank established in 1609 that functioned as
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