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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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Author Info

  • Colin Rogers

    ()
    (School of Economics, University of Adelaide)

  • Thomas K. Rymes

    (Department of Economics, Carleton University)

Abstract

This paper examines two proposals for automatic stabilization of the price level based on indirect convertibility and something called a 'quasi futures contract'. These two schemes represent attempts to render operational ideas implicit in the Black (1970) Fama (1980) and Hall (1982) vision of the monetary system. Criticisms of the two schemes have been rejected by their exponents. The paper clarifies the analytical issues at stake in this debate and concludes that both schemes do suffer from fundamental flaws which would render them nonoperational. Hence, neither scheme offers an operational basis for a laissez faire banking system or provides a workable alternative to current methods of stabilising the price level.

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File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2001-04.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 2001-04.

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Length: 27 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:adl:wpaper:2001-04

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Postal: Adelaide SA 5005
Phone: (618) 8303 5540
Web page: http://www.economics.adelaide.edu.au/
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Keywords: indirect convertibility; quasi-futures contracts;

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References

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  1. 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, vol. 27(1), pages 89-106, February.
  2. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
  3. McCallum, Bennett T., 1985. "Bank deregulation, accounting systems of exchange, and the unit of account: A critical review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 23(1), pages 13-45, January.
  4. Schnadt, Norbert & Whittaker, John, 1993. "Inflation-Proof Currency? The Feasibility of Variable Commodity Standards," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 214-21, May.
  5. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January.
  6. Selgin, G.A. & White, L.H., 1993. "How Would the Invisible Hand Handle Money?," Papers 380e, Georgia - College of Business Administration, Department of Economics.
  7. Cowen, Tyler, 1997. "Should Central Banks Target CPI Futures?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 275-85, August.
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Citations

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Cited by:
  1. Colin Rogers, 2004. "Doing Without Money: A critical assessment of Woodford's analysis," Method and Hist of Econ Thought 0411001, EconWPA.
  2. 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 2003-01, University of Adelaide, School of Economics.

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