Alexander Hamilton, antebellum banking, First Bank of the United States, mercantilism, ten dollar bill

(Originally appeared on Alt-M on December 30, 2015) *** In this past summer’s controversy over whether Alexander Hamilton’s image should be replaced on the $10 bill, outraged commentators made many extravagant claims on behalf of Hamilton’s wisdom in matters of money and banking policy.  For example, Ben…

cryptoassets, Kareken-Wallace, currency substitutes, cryptocurrencies

Some prominent economists have begun to analyze formally the market for a privately issued outside money that they associate with Bitcoin. Rodney Garratt and Neil Wallace (2018) (ungated version here) model the relative values of (exchange rates between) “Bitcoin 1” and other hypothetical cryptoassets (“Bitcoin 2,” etc.)….