Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
Macro Musings with David Beckworth
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The Political Economy of Hyperinflation
The ASEAN was actually used to purchase land sales, clergy land sales at first, at auction. What that meant though was that there was no fixed par value between the ASEAN and the value of the land because the actual sale price at auction determined the value. So it's a little bit different than your normal sort of redeemability argument of like say redeemability under a gold standard. Now the government's commitment to keep using land sales to redeem or to pull the ASEans out of circulation is one way to think about how it controlled the future path of monetary policy.
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