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A New Monetary Policy for the Digital Age?

In: Redefining the Monetary Standard in the Digital Age

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  • Livio Stracca

    (European Central Bank)

Abstract

The chapter focuses on the influential work of economist Irving Fisher, highlighting his contributions to modern monetary economics and his lesser-known but significant ideas. Fisher, often overshadowed by contemporaries like John Maynard Keynes, introduced key concepts such as the Fisher equation, which remains fundamental in understanding interest rates and inflation. In particular, the chapter discusses Fisher's idea of a “compensated dollar,” a unit of account designed to maintain constant purchasing power by adjusting its value against a basket of goods and services. This concept aimed to stabilize the currency and mitigate inflation’s impact, and it is a promising idea that sits well with digital forms of money, but also with significant drawbacks. Although Fisher’s ideas faced criticism, particularly his advocacy for full reserve banking, they have resurfaced in discussions about digital currency and economic stability.

Suggested Citation

  • Livio Stracca, 2025. "A New Monetary Policy for the Digital Age?," Springer Books, in: Redefining the Monetary Standard in the Digital Age, chapter 0, pages 129-149, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-89840-2_6
    DOI: 10.1007/978-3-031-89840-2_6
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