References (17)


Citations (11)


Footnotes (5)



Controlling the Price Level

Robert E. Hall

Stanford University - The Hoover Institution on War, Revolution and Peace; National Bureau of Economic Research (NBER)

January 1999

NBER Working Paper No. w6914

Governments determine the size of the unit of value just as they determine the length of the length and weight of physical units of measure. What are the different ways that a government can control the size of the unit of value, that is, control the price level? In general, the government designates a resource gold, paper currency, another country's currency and defines its unit of value as a particular amount of that resource. An interesting variant proposed by Irving Fisher in 1913 and implemented more recently in Chile is to alter the resource content of the unit to stabilize the price level. Another idea is to alter the interest rate paid on reserves in a way that stabilizes the price level.

Number of Pages in PDF File: 25

Open PDF in Browser Download This Paper

Date posted: June 25, 1999  

Suggested Citation

Hall, Robert E., Controlling the Price Level (January 1999). NBER Working Paper No. w6914. Available at SSRN: http://ssrn.com/abstract=147993

Contact Information

Robert E. Hall (Contact Author)
Stanford University - The Hoover Institution on War, Revolution and Peace ( email )
Stanford, CA 94305-6010
United States
650-723-2215 (Phone)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
650-723-2215 (Phone)
Feedback to SSRN

Paper statistics
Abstract Views: 845
Downloads: 23
References:  17
Citations:  11
Footnotes:  5

© 2016 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollobot1 in 0.234 seconds