[OPE-L:2069] Re: [MIKE WILLIAMS] electronic money

Duncan K Foley (dkf2@columbia.edu)
Fri, 3 May 1996 08:36:51 -0700

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Reply to Steve:

I don't think we're far off at this point. Since I haven't seen the
model, I don't know the details, but it sounds as though you let the
value of money drift over time in response to macroeconomic variables,
which is certainly reasonable. I continue to think that speculative
forces have a mediating role in this drifting and that we would benefit
by understanding that more transparently.