EH.Net Abstracts in Economic History

                EHS Abstract Submission
                    (c) 1996 Academic Press
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              Name:  Ernst Juerg Weber
             Email:  eweber at ecel.uwa.edu.au
       Institution:  University of Western Australia

         Co-author:

             Title:  'Imaginary' or 'Real' Moneys of Account in Medieval
Europe? An Econometric Analysis of the Basle Pound, 1365-1429

  Internet Address
of abstracted work:

           By mail:
                     Department of Economics
                     University of Western Australia
                     Nedlands WA 6009
                     Australia

          Language:  English

          Abstract:
   During the Middle Ages, the medium of exchange function of money was
separate from the unit of account function.  This has given rise to the
misconception that the medieval pound was an 'abstract' or 'imaginary' unit
of account whose purchasing power was independent of that of gold and
silver coins.  The joint behavior of the pound price of gold, the pound
price of silver and the silver-gold ratio in Basle between 1365 and 1429
cannot be reconciled with the notion that nominal values were autonomous.
Instead, the monetary system was based on a silver standard, supplemented
by gold coins whose money of account values were determined by this silver
standard.


      Bibliography:  Weber, Ernst Juerg, 1996. "'Imaginary' or 'Real'
Moneys of Account in Medieval Europe? An Econometric Analysis of the Basle
Pound, 1365-1429." Explorations in Economic History, October 1996.

           Subject:  H
 Geographical Area:  4
    Country/Region: Switzerland
       Time Period:  3