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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


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  • Robert W. DIMAND



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.

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Article provided by L'Harmattan in its journal Cahiers d'économie Politique.

Volume (Year): (2003)
Issue (Month): 45 ()
Pages: 101-121

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Handle: RePEc:cpo:journl:y:2003:i:45:p:101-121

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Cited by:
  1. Michael D. Bordo & Hugh Rockoff, 2011. "The Influence of Irving Fisher on Milton Friedman’s Monetary Economics," NBER Working Papers 17267, National Bureau of Economic Research, Inc.
  2. Gomez Betancourt, Rebeca & de Boyer des Roches, Jérôme, 2012. "Origins and Develoment of Irving Fisher’s Compensated Dollar Plan," Economics Papers from University Paris Dauphine 123456789/10190, Paris Dauphine University.
  3. David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition and the Quantity Theory: A Reply to James Ahiakpor," UWO Department of Economics Working Papers 20104, University of Western Ontario, Department of Economics.
  4. Rebeca, Gomez Betancourt & de Boyer des Roches, Jérôme, 2011. "American Quantity Theorists prior to Irving Fisher’s Purchasing Power of Money," Economics Papers from University Paris Dauphine 123456789/10195, Paris Dauphine University.


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