Currency Baskets as International Units of Account
AbstractMonetary textbooks customarily define money by its three properties as a means of transaction, as a unit of account and as a store of value. It is vast preponderance of domestic exchanges, a single unit-the legal tender serves to fullfill the first two functions: the prices are quoted in units of the local currency and transactions are consummated using concrete or electronic tokens denominated in units of the same curency. The use of a single unit for both objectives primarily reflects evoilutionary convenience (Menger , Simmel ): the additional computational cost translating prices quoted in a separate unit of account into units of the means of exchange strongly suggestes the use of a single uit for expressing prices and undertaking transactions.
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Bibliographic InfoPaper provided by New York University, Leonard N. Stern School of Business, Department of Economics in its series Working Papers with number 96-04.
Length: 23 pages
Date of creation: 1996
Date of revision:
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Postal: New York University, Leonard N. Stern School of Business, Department of Economics, 44 West 4th Street, New York, NY 10012-1126
Phone: (212) 998-0860
Fax: (212) 995-4218
Web page: http://w4.stern.nyu.edu/economics/
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CURRENCIES; INFLATION; MONETARY POLICY;
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