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Indirect Convertibility and Quasi-Futures Contracts: Two Non-Operational Schemes for Automatic Stabilisation of the Price Level?

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  • Colin Rogers

    ()
    (School of Economics, University of Adelaide)

  • Thomas K. Rymes

Abstract

The paper examines two proposals for automatic stabilization of the price level based on indirect convertibility and something called a 'quasi-futures contacts'. These two schemes represent attempts to rendre operational ideas implicit in the Black (1970) Fama (1980) and Hall (1982) vision of the monetary system.

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File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp1998-17.pdf
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Bibliographic Info

Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 1998-17.

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Length: 28 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:adl:wpaper:1998-17

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Postal: Adelaide SA 5005
Phone: (618) 8303 5540
Web page: http://www.economics.adelaide.edu.au/
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Related research

Keywords: prices; financial policy; quasi-futures;

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References

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  1. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, Elsevier, vol. 6(1), pages 39-57, January.
  2. Sumner, Scott, 1995. "The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(1), pages 89-106, February.
  3. Bennett T. McCallum, 1985. "Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: A Critical Review," NBER Working Papers 1572, National Bureau of Economic Research, Inc.
  4. Cowen, Tyler, 1997. "Should Central Banks Target CPI Futures?," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 29(3), pages 275-85, August.
  5. Greenfield, Robert L & Woolsey, W William & Yeager, Leland B, 1995. "Is Indirect Convertibility Impossible? Comment," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(1), pages 293-97, February.
  6. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
  7. Schnadt, Norbert & Whittaker, John, 1993. "Inflation-Proof Currency? The Feasibility of Variable Commodity Standards," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 25(2), pages 214-21, May.
  8. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 89(353), pages 13-33, March.
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Citations

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Cited by:
  1. Colin Rogers, 2003. "Doing Without Money: A Critical Assessment of Woodford's Analysis of Monetary Policy in a Post-monetary World," School of Economics Working Papers, University of Adelaide, School of Economics 2003-01, University of Adelaide, School of Economics.
  2. Colin Rogers, 2004. "Doing Without Money: A critical assessment of Woodford's analysis," Method and Hist of Econ Thought, EconWPA 0411001, EconWPA.

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