Process Consistency and Monetary Reform: Further Evidence and Implications / Robert P. Flood, Peter M. Garber.

By:

Flood, Robert P

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w0635.Publication details: Cambridge, Mass. National Bureau of Economic Research 1981.Description: 1 online resource: illustrations (black and white)Online resources:

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Abstract: 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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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w0635 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w0632 Self-Selection and Pareto Efficient Taxation /	nber w0633 The Impact of Unions on the Labor Market for White and Minority Youth /	nber w0634 Involuntary Terminations under Explicit and Implicit Employment Contracts /	nber w0635 Process Consistency and Monetary Reform: Further Evidence and Implications /	nber w0636 On the Predictability of Tax-Rate Changes /	nber w0637 Issues in the Design of Saving and Investment Incentives /	nber w0638 Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation /	Next

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.