This paper exnmines two issues pertinent to the effective implementation of monetary policy: firstly, the ability of the monetary authorities to control interest rates and secondly, whether interest rates have exhibited a leading relationship with economic activity since deregulation of the...

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...