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Indirect Convertibility and Quasi-Futures Contracts: Two Non-Operational Schemes for Automatic Stabilisation of the Price Level?

Author

Listed:
  • Colin Rogers

    (School of Economics, University of Adelaide)

  • Thomas K. Rymes

Abstract

The paper examines two proposals for automatic stabilization of the price level based on indirect convertibility and something called a 'quasi-futures contacts'. These two schemes represent attempts to rendre operational ideas implicit in the Black (1970) Fama (1980) and Hall (1982) vision of the monetary system.

Suggested Citation

  • Colin Rogers & Thomas K. Rymes, 1998. "Indirect Convertibility and Quasi-Futures Contracts: Two Non-Operational Schemes for Automatic Stabilisation of the Price Level?," School of Economics and Public Policy Working Papers 1998-17, University of Adelaide, School of Economics and Public Policy.
    • Handle: RePEc:adl:wpaper:1998-17
    as

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    File URL: https://media.adelaide.edu.au/economics/papers/doc/wp1998-17.pdf
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    References listed on IDEAS

    as
    1. Cowen, Tyler, 1997. "Should Central Banks Target CPI Futures?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 275-285, August.
    2. T.K. Rymes & Colin Rogers, 1995. "Keynes' Monetary Theory of Value and Modern Banking," Carleton Economic Papers 95-11, Carleton University, Department of Economics, revised 1997.
    3. Schnadt, Norbert & Whittaker, John, 1993. "Inflation-Proof Currency? The Feasibility of Variable Commodity Standards," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 214-221, May.
    4. Sumner, Scott, 1995. "The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 89-106, February.
    5. Robert E. Hall, 1982. "Inflation: Causes and Effects," NBER Books, National Bureau of Economic Research, Inc, number hall82-1.
    6. McCallum, Bennett T., 1985. "Bank deregulation, accounting systems of exchange, and the unit of account: A critical review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 23(1), pages 13-45, January.
    7. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
    8. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
    9. Greenfield, Robert L & Woolsey, W William & Yeager, Leland B, 1995. "Is Indirect Convertibility Impossible? Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 293-297, February.
    10. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January.
    11. Tyler Cowen & Randall S. Kroszner, 1994. "The new monetary economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 86, Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Colin Rogers, 2003. "Doing Without Money: A Critical Assessment of Woodford's Analysis of Monetary Policy in a Post-monetary World," School of Economics and Public Policy Working Papers 2003-01, University of Adelaide, School of Economics and Public Policy.
    2. Colin Rogers, 2004. "Doing Without Money: A critical assessment of Woodford's analysis," Method and Hist of Econ Thought 0411001, University Library of Munich, Germany.
    3. Malte Krueger, 2012. "Money: A Market Microstructure Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1245-1258, September.

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    More about this item

    Keywords

    prices; financial policy; quasi-futures;
    All these keywords.

    JEL classification:

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

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