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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

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Abstract

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.

Suggested Citation

  • Robert W. DIMAND, 2003. "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," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 45, pages 101-121.
  • Handle: RePEc:cpo:journl:y:2003:i:45:p:101-121
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    Cited by:

    1. Rockoff, Hugh, 2015. "O.M.W. Sprague (the man who “wrote the book” on financial crises) and the founding of the Federal Reserve," Journal of Financial Stability, Elsevier, vol. 17(C), pages 35-45.
    2. repec:dau:papers:123456789/10195 is not listed on IDEAS
    3. David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition, and the Quantity Theory: A Reply to James Ahiakpor," History of Political Economy, Duke University Press, vol. 42(3), pages 573-592, Fall.
    4. Bordo, Michael D. & Rockoff, Hugh, 2013. "The Influence Of Irving Fisher On Milton Friedman’S Monetary Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 35(02), pages 153-177, June.
    5. David Laidler, 2010. "Chicago Monetary Traditions," Chapters,in: The Elgar Companion to the Chicago School of Economics, chapter 6 Edward Elgar Publishing.
    6. Rebeca Gomez Betancourt & Jérôme de Boyer des Roches, 2013. "Origins and developments of Irving Fisher's compensated dollar plan," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 261-283, April.
    7. repec:dau:papers:123456789/10190 is not listed on IDEAS
    8. Robert W. Dimand, 2011. "Lessons from the 1929 Crash and the 1930s Debt Deflation: What Bernanke and King Learned, and What They Could Have Learned," Chapters,in: Credit, Money and Macroeconomic Policy, chapter 2 Edward Elgar Publishing.

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    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General

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