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Retrospectives : Irving Fisher's "Appreciation and interest" (1896) and the Fisher relation

Author

Listed:
  • Robert W. Dimand
  • Rebeca Gomez Betancourt

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Irving Fisher's monograph Appreciation and interest (1896) proposed his famous equation showing expected inflation as the difference between nominal interest and real interest rates. In addition, he drew attention to insightful remarks and numerical examples scattered through the earlier literature, and he derived results ranging from the uncovered interest arbitrage parity condition between currencies to the expectations theory of the term structure of interest rates. (...)

Suggested Citation

  • Robert W. Dimand & Rebeca Gomez Betancourt, 2012. "Retrospectives : Irving Fisher's "Appreciation and interest" (1896) and the Fisher relation," Post-Print halshs-00749692, HAL.
    • Handle: RePEc:hal:journl:halshs-00749692
    DOI: 10.1257/jep.26.4.185
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    Cited by:

    1. Hasse, Jean-Baptiste & Lajaunie, Quentin, 2022. "Does the yield curve signal recessions? New evidence from an international panel data analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 9-22.
    2. Max Gillman, 2021. "Macroeconomic Trends among Visegrád Countries, EU Balkans, and the U.S., 1991-2021," Central European Business Review, Prague University of Economics and Business, vol. 2021(2), pages 1-20.
    3. repec:osf:socarx:9hf8z_v1 is not listed on IDEAS
    4. Cruz-e-Silva, Victor & Almeida, Felipe, 2024. "Correa Moylan Walsh Beyond Index Numbers: From The “Battle Of The Standards” To The Science Of Money," Journal of the History of Economic Thought, Cambridge University Press, vol. 46(1), pages 69-91, March.
    5. Sylvie Rivot, 2020. "Information and Expectations in Policy-Making: Friedman's Changing Approaches to Macroeconomic Dynamics," GREDEG Working Papers 2020-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    6. BRILLANT, Lucy, 2024. "The origins of yield curve theory: Irving Fisher and John Maynard Keynes," SocArXiv 9hf8z, Center for Open Science.

    More about this item

    Keywords

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    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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