TY  - JOUR
AU  - Flood,Robert P.
AU  - Garber,Peter M.
TI  - Process Consistency and Monetary Reform: Further Evidence and Implications
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 635
PY  - 1981
Y2  - February 1981
UR  - http://www.nber.org/papers/w0635
L1  - http://www.nber.org/papers/w0635.pdf
N1  - Author contact info:
Robert Flood
Notre Dame
E-Mail: rflood1@nd.edu

Peter M. Garber
Deutsche Bank
60 Wall Street
New York, NY 10005
Tel: 212/250-5466
Fax: 212/250-2628
E-Mail: peter.garber@db.com
AB  - 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.
ER  -