“Imaginary” or “Real” Moneys of Account in Medieval Europe? An Econometric Analysis of the Basle Pound, 1365–1429
Ernst Weber
Abstract During the Middle Ages, medium of exchange function money was separate from unit account function. This has given rise to misconception that medieval pound an “abstract” or “imaginary” whose purchasing power independent gold and silver coins. The joint behavior price gold, silver, silver–gold ratio in Basle between 1365 1429 cannot be reconciled with notion nominal values were autonomous. Instead, monetary system based on a standard, supplemented by coins determined this standard.
Explorations in Economic History