Browsing by Subject "Money"

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    Alternative monetary regimes : are they operational?
    (1990) Schnadt, Norbert; Whittaker, John
    Although the proposed alternative monetary regimes have received critical attention from White (1984), McCallum (1985), O' Driscoll ( 1987) and Hoover ( 1988), we are not aware of any systematic and coherent critical appraisal. The main motivation for this paper is that neither the originators nor the critics seem thus far to have provided satisfactory treatments of the 'operationality' of the above proposals. Considering that most of the proposed payments systems are forwarded as potential alternatives to existing fiat currency systems, this is a serious shortcoming. For each proposed payments system that this paper considers, the analytical method which is adopted for this objective is as follows: (I) The institutional arrangements defining the proposed payments system are specified. (II) This payments system is then embedded in an economy in which pricing decisions are made by agents in decentralised markets.
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