Central Banking

Spain learns from the past; working paper

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In a working paper titled Money Dynamics with Multiple Banks of Issue Evidence from Spain 1856–1874, doubt is cast on some analysis using the new Keynesian framework.

Galo Nuño, Pedro Tedde and Alessio Moro, the paper's authors, have analysed the Spanish monetary system from 1856, when the Bank of Spain was created, to 1874, when it was awarded the monopoly of emission.

During this period an unregulated banking system emerged, with multiple banks of issuing banknotes.

The paper focuses on two

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