Competing Visions For The U.S. Monetary System, 1907-1913: The Quest For An Elastic Currency And The Rejection Of Fisher'S Compensated Dollar Rule For Price Stability
This paper surveys the banking reform debates in the United States among quantity theorists and their opponents in the years from the banking panic of 1907 through the publication of Irving Fisher's The Purchasing Power of Money (with Harry G. Brown) to the creation of the Federal Reserve System. These debates culminated in the rejection of Fisher's compensated dollar proposal (a price level rule varying the dollar price of gold to stabilize a price index) and the adoption of a very different vision of central banking. Particular attention is paid to the contributions of Fisher, David Kinley, J. L. Laughlin, R. L. Owen, O. M. W. Sprague, and H. Parker Willis.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Article provided by Centre national de la recherche scientifique (CNRS), Paris in its journal Cahiers d'économie Politique.
Order Information: Postal: Editions L'Harmattan 5-7 rue de l'Ecole Polytechnique 75005 PARIS, FRANCE
For technical questions regarding this item, or to correct its listing, contact: (Carlos Andrés Vasco Correa).
Related research
Keywords:
Find related papers by JEL classification: B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General