Irving Fisher: Debt Deflation and Crises
Robert J. Shiller
Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance
August 12, 2011
Cowles Foundation Discussion Paper No. 1817
It is the 100th anniversary of Irving Fisher’s 1911 book The Purchasing Power of Money. But, more important than that, it is a good time, during the current financial turmoil, to reconsider some of his theories again, in light of current events. And I think that some of his theories about variations in the purchasing power of money are very important today, have been underappreciated, and are worthy of considering anew.
Number of Pages in PDF File: 9
Keywords: Purchasing power of money, Indexation, Indexed bonds, Depression, Recession, Mortgages, Financial crisis
JEL Classification: B22working papers series
Date posted: August 15, 2011
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