NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Process Consistency and Monetary Reform: Further Evidence and Implications

Robert P. Flood, Peter M. Garber

NBER Working Paper No. 635
Issued in February 1981
NBER Program(s):   EFG

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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Document Object Identifier (DOI): 10.3386/w0635

Published: Flood, Robert P. and Peter M. Garber. "Process Consistency and Monetary Reform: Some Further Evidence." Journal of Monetary Economics, Vol. 12, No. 2,(August 1983), pp. 279-296.

 
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