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Fisherian and Wicksellian price-stabilization models in the history of monetary thought

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  • Thomas M. Humphrey

Abstract

The policy models of Irving Fisher and Knut Wicksell posit rules by which central banks can stabilize general prices at a fixed target level over time. Wicksell’s model, however, requires some adjustment before it can deliver price stability.

Suggested Citation

  • Thomas M. Humphrey, 1990. "Fisherian and Wicksellian price-stabilization models in the history of monetary thought," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 3-12.
  • Handle: RePEc:fip:fedrer:y:1990:i:may:p:3-12:n:v.76.no.3
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    File URL: https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/rev_frbrich199005.pdf
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    References listed on IDEAS

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    1. Jonung, Lars, 1979. "Knut wicksell's norm of price stabilization and Swedish monetary policy in the 1930's," Journal of Monetary Economics, Elsevier, vol. 5(4), pages 459-496, October.
    2. Wicksell, Knut, 1907. "The Influence of the Rate of Interest on Prices," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17, pages 213-220.
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    Cited by:

    1. repec:fip:fedreq:00051 is not listed on IDEAS
    2. Robert L. Hetzel, 2008. "What is the monetary standard, or, how did the Volcker-Greenspan FOMCs tame inflation?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 147-171.

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    Keywords

    Inflation (Finance) ; Monetary policy;

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