IES Lunch Seminar: Institutions, Economy, Development

Monetary Crisis and Reform in 17th c. Naples

François R. Velde
Federal Reserve Bank of Chicago

Thursday 14 February 2019, at 1 p.m.

National Research Council
Institute of Studies on Mediterranean Societies (CNR-ISSM)

Via Cardinale Guglielmo Sanfelice n.8, Naples
Conference hall Humanistic hub (6th floor)


ABSTRACT: In 1622 a major foreign exchange and monetary crisis broke out in Naples: I examine the origins of the crisis and the government’s attempts at ending it, in particular the choice of a new parity for the currency and the allocation of costs. Contemporaries struggling to understand the problem conceptualized the basics of the current account. The ensuing monetary reform required a bail-out the banking system hit by the ensuing deflation.

François Velde is a senior economist and research advisor in the economic research department at the Federal Reserve Bank of Chicago. Velde's primary research on monetary history and monetary theory has been published in numerous journals. His research topics include medieval currency debasements, the monetary history of the United States, dollarization in Argentina and the macroeconomics of the French revolution.

In 2002, Velde and Thomas Sargent co-authored the book The Big Problem of Small Change (Princeton University Press), which studies how monetary systems in Western European economies evolved in response to recurring shortages and depreciation of small change. Prior to joining the Chicago Fed as an economist in 1997, Velde was an assistant professor of economics at Johns Hopkins University. He is currently a visiting lecturer at the University of Chicago.  Velde earned an undergraduate degree at the École Polytechnique in France and a Ph.D. in economics at Stanford University.


THE INITIATIVE. The IES Lunch Seminars are the result of a joint project between three Neapolitan universities and a CNR Institute, in a form that proposes cycles of seminars on economics that are particularly attentive to issues related to institutions and development. The aim is, on the one hand, to allow the researchers who take part to present the results of their research and, on the other hand, to create a place of meeting and confrontation between economists and social scientists with different academic backgrounds and study interests.

The IES Lunch Seminars are public, subject to registration by email no later than the day before (This email address is being protected from spambots. You need JavaScript enabled to view it.)
13.00     Lunch
13.30     Speech
14.15     Questions & Answers
15.00     End of works


THE PROMOTING ORGANISATIONS. Università degli Studi di Napoli Federico II (Dipartimento di Scienze Politiche); Università degli Studi L’Orientale di Napoli (Dipartimento di Scienze Umane e Sociali); Università degli Studi di Napoli Parthenope (Dipartimento di Studi Aziendali ed Economici); CNR-ISSM (Consiglio Nazionale delle Ricerche, Istituto di studi sulle società del Mediterraneo)


SCIENTIFIC COMMITTEE. Salvatore Capasso (CNR-ISSM), Marcella D’Uva  (Università degli Studi di Napoli Parthenope), Giuseppe Gaeta (Università degli Studi L’Orientale di Napoli), Gaetano Vecchione (Università degli Studi di Napoli Federico II)


Via Cardinale Guglielmo Sanfelice, 8
80134 Naples
Polo Umanistico, 6th floor
081-6134086, int. 214
This email address is being protected from spambots. You need JavaScript enabled to view it.

IN ANNEX: flyer and program Year 2018-2019