Atlanta Fed on the origins of central banking

This Working Paper from the Atlanta Fed outlines a model of the first true central bank, the Bank of Amsterdam, founded in 1609. It describes how it was able to control inflation in seventeenth- and eighteenth-century Netherlands.

Employing a variant of the Freeman (1996) model of money and payments, we first analyze the problematic monetary situation in the Netherlands prior to the founding of the Bank. We then use the model to describe how the Bank could remedy this situation by creating a

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