Process Consistency and Monetary Reform: Further Evidence and Implications /
Flood, Robert P.
Process Consistency and Monetary Reform: Further Evidence and Implications / Robert P. Flood, Peter M. Garber. - Cambridge, Mass. National Bureau of Economic Research 1981. - 1 online resource: illustrations (black and white); - NBER working paper series no. w0635 . - Working Paper Series (National Bureau of Economic Research) no. w0635. .
February 1981.
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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Mode of access: World Wide Web.
Process Consistency and Monetary Reform: Further Evidence and Implications / Robert P. Flood, Peter M. Garber. - Cambridge, Mass. National Bureau of Economic Research 1981. - 1 online resource: illustrations (black and white); - NBER working paper series no. w0635 . - Working Paper Series (National Bureau of Economic Research) no. w0635. .
February 1981.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.