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Irving Fisher, Debt Deflation and Crises

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Abstract

It is the 100th anniversary of Irving Fisher�s 1911 book The Purchasing Power of Money. But, more important than that, it is a good time, during the current financial turmoil, to reconsider some of his theories again, in light of current events. And I think that some of his theories about variations in the purchasing power of money are very important today, have been underappreciated, and are worthy of considering anew.

Suggested Citation

  • Robert J. Shiller, 2011. "Irving Fisher, Debt Deflation and Crises," Cowles Foundation Discussion Papers 1817, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1817
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    References listed on IDEAS

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    1. Irving Fisher, 1913. "A Compensated Dollar," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 27(2), pages 213-235.
    2. repec:rnp:ecopol:09111 is not listed on IDEAS
    3. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    5. Robert W. Dimand & John Geanakoplos, 2005. "Celebrating Irving Fisher: The Legacy of a Great Economist," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 3-18, January.
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    Cited by:

    1. Argandoña, Antonio, 2013. "Irving Fisher: un gran economista," IESE Research Papers D/1082, IESE Business School.
    2. Sigga Benediktsdottir & Soha Ahmed, 2023. "Interest Rate Normalization in a World with High Indebtedness," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 51(1), pages 39-63, March.
    3. Pender, Casey, 2024. "Is deflation cause for panic? Evidence from the National Banking era," Journal of Macroeconomics, Elsevier, vol. 82(C).
    4. Mosler, Martin & Schaltegger, Christoph & Mair, Lukas & Brandt, Przemyslaw, 2025. "Who Absorbs the Debt-Deflation Channel? Empirical Evidence from Historical Balance Sheets and the Great Swiss Deflation," VfS Annual Conference 2025 (Cologne): Revival of Industrial Policy 325423, Verein für Socialpolitik / German Economic Association.
    5. Katalin Botos, 2022. "What Can Posterity Learn from Irving Fisher?," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 21(2), pages 175-187.

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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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