When one thinks of Venice in the 17th century, images of a prosperous trading republic often come to mind: a city of merchants, bankers and flourishing commerce. Yet, as a forthcoming study by Donato Masciandaro and colleagues tells us, Venice also offers a cautionary tale in monetary history.
Between 1619 and 1666, the Republic experimented with loose monetary policy and tolerated a weakening currency as a way of managing its rising debt burden. At first, its long-standing reputation for fiscal
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