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Process Consistency and Monetary Reform: Further Evidence and Implications


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  • Robert P. Flood
  • Peter M. Garber


In this paper we provide additional evidence that process consistency may have materialized as a restrictive constraint on the money generation process. In addition to recomputing the time series of process consistency probabilities using new data from the German case, we also supply our empirical technique to the data from the other hyperinflations studied by Cagan. We interpret our results as evidence hearing on the type of transversality condition studied by Brock or by Brock and Scheinkman as a sufficient condition to insure a unique equilibrium in optimizing models with perfect foresight and money.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0635.

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Date of creation: Feb 1981
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Publication status: published as Flood, Robert P. and Peter M. Garber. "Process Consistency and Monetary Reform: Some Further Evidence." Journal of Monetary Economics, Vol. 12, No. 2,(August 1983), pp. 279-296.
Handle: RePEc:nbr:nberwo:0635

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