TY  - JOUR
AU  - Flood,Robert P.
AU  - Garber,Peter M.
AU  - Scott,Louis O.
TI  - Two Notes on Indeterminacy Problems
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 841
PY  - 1982
Y2  - 1982
UR  - http://www.nber.org/papers/w0841
L1  - http://www.nber.org/papers/w0841.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

Louis O. Scott
AB  - In this paper we show, in an example, that the arbitrary behavior which results in an indeterminacy in the time path of a flexible exchange rate and is associated with "badly behaved" speculation has a manifestation under a regime of fixed rates in an indeterminacy in the time path of government holding of international reserves. Thus, to the extent that arbitrariness is characteristic of agents' behavior it is not resolve6 but only masked by the fixing of exchange rates.
ER  -