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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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January.
    7. 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.
    8. Cowen, Tyler, 1997. "Should Central Banks Target CPI Futures?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 275-285, August.
    9. Robert E. Hall, 1982. "Inflation: Causes and Effects," NBER Books, National Bureau of Economic Research, Inc, number hall82-1.
    10. 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.
    11. 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.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. 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.
    2. 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.
    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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