Money and prices in thirteenth-century Venice |
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| Institution: | 1. Research Institute of Economics and Management, Southwestern University of Finance and Economics, 555 Liutai Avenue, Wenjiang District, Chengdu 611130, China;2. School of Management, Guangzhou University, 230 Wai Huanxi Road, Guangzhou Higher Education Mega Center, Guangzhou 510006, China;3. School of Insurance, Southwestern University of Finance and Economics, 555 Liutai Avenue, Wenjiang District, Chengdu 611130, China;1. Hebrew University of Jerusalem, Environmental Economics and Management, Robert H. Smith Faculty of Agriculture, Food and Environment, Jerusalem, 91905, Israel;2. University of Pennsylvania, Wharton School, and NBER, 3620 Locust Walk, St 3000 SH-DH, Philadelphia, PA 19104-6302;3. Hebrew University of Jerusalem, Hebrew University Business School (HUBS), Finance Department, Mount Scopus, Jerusalem, 91905, Israel;1. University of Oxford, Nuffield College and CEPR Nuffield College, New Road, Oxford OX11NF, United Kingdom;2. Bank of Canada, Canada;3. University of Chicago, NBER, CEPR, and CESIfo, USA |
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| Abstract: | Prices and salaries rose in Venice between 1173 and 1282. The supply of money also probably increased. Wine, grain, and commodity prices, as well as magistrates' salaries, are here collected from documentary sources to illustrate this rise in prices. Evidence from silver mining, foreign trade, banking, and diplomacy seems to demonstrate an increase in the supply of money, but price inflation (the Fisher equation, MV = PT) cannot be definitely illustrated because velocity and transaction costs cannot yet be established for medieval Venice. To clarify these prices, this study also briefly describes the coins and moneys of account used in Venice in this century. |
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