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Currency Baskets as International Units of Account

Author

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  • Wolf, H.C.

Abstract

Monetary 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 [1882], Simmel [1907]): 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.

Suggested Citation

  • Wolf, H.C., 1996. "Currency Baskets as International Units of Account," Working Papers 96-04, New York University, Leonard N. Stern School of Business, Department of Economics.
    • Handle: RePEc:ste:nystbu:96-04
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    More about this item

    Keywords

    CURRENCIES; INFLATION; MONETARY POLICY;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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