Fiat money, central banking and the Bank of Amsterdam: Atlanta Fed research

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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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