Abstract

http://ssrn.com/abstract=147993
 
 

References (17)



 
 

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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

Abstract:     
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

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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)
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References:  17
Citations:  10
Footnotes:  5

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