 Parity in the Exchange of Future Money and Future CommoditiesG. P. Watkins The Quarterly Journal of Economics, 1928, vol. 42, issue 3, 366-387 Abstract: The problem and its relation to the supply and demand control of rates of exchange involving future goods, — I. Comparative values of futures and spots in relation to available supplies from crops, 368. — A future trade is an exchange of future money for a future commodity, and does not involve present goods, 370. — II. Indications of a downward bias in grain and cotton futures call for explanation, 372. — III. Bohm-Bawerk's theory of a discount on the future is quite another matter, 375. — IV. But a difference in the relative valuation of money and any specific commodity may be expected according to whether the comparison pertains to the present or to the future, 377. — This situation as expressed in terms of mathematical inequalities, 379. — V. Commercial experience and observation of the comparative value of "immediates," 379. — The downward bias costly to hedge sellers, 383. — VI. Conclusion, — The present article calls attention to a neglected condition, and perhaps suggests a needed addition to theory, 385. Date: 1928 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:qjecon:v:42:y:1928:i:3:p:366-387. Ordering information: This journal article can be ordered from Access Statistics for this article The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva More articles in The Quarterly Journal of Economics from President and Fellows of Harvard College |
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