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Origins and developments of Irving Fisher's compensated dollar plan

Author

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  • Rebeca Gomez Betancourt

    () (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - 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)

  • Jérôme de Boyer Des Roches

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres)

Abstract

In 1911, Fisher published The Purchasing Power of Money. In chapter 13 of the first edition and in an appendix in the second section of 1913, he introduced a rule to maintain the stability of the level of prices, known as the "compensated dollar". According to this rule, the legal definition of money is changed. (...)

Suggested Citation

  • Rebeca Gomez Betancourt & Jérôme de Boyer Des Roches, 2013. "Origins and developments of Irving Fisher's compensated dollar plan," Post-Print halshs-00789938, HAL.
  • Handle: RePEc:hal:journl:halshs-00789938
    DOI: 10.1080/09672567.2012.758755
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00789938
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    References listed on IDEAS

    as
    1. Jérôme de Boyer Des Roches & Rebeca Gomez Betancourt, 2013. "American quantity theorists prior to Irving Fisher's purchasing power of money," Post-Print halshs-00823362, HAL.
    2. David E.W. Laidler, 2016. "The Golden Age of the Quantity Theory," Economics Books, Princeton University Press, edition 1, number 4959.
    3. Hall, Robert E, 1997. "Irving Fisher's Self-Stabilizing Money," American Economic Review, American Economic Association, vol. 87(2), pages 436-438, May.
    4. 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.
    5. Robert J. Shiller, 2002. "Indexed Units of Account: Theory and Assessment of Historical Experience," Central Banking, Analysis, and Economic Policies Book Series, in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.),Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 4, pages 105-134, Central Bank of Chile.
    6. F. W. Taussig, 1913. "The Plan for a Compensated Dollar," The Quarterly Journal of Economics, Oxford University Press, vol. 27(3), pages 401-416.
    7. Robert E. Hall, 2005. "Controlling the Price Level," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 93-112, January.
    8. Rebeca Gomez Betancourt, 2010. "E. W. Kemmerer's contribution to the quantity theory of money," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(1), pages 115-140.
    9. Dimand, Robert W., 2000. "Irving Fisher and the Quantity Theory of Money: The Last Phase," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(3), pages 329-348, September.
    10. Gomez Betancourt, Rebeca, 2010. "Edwin Walter Kemmerer And The Origins Of The Fed," Journal of the History of Economic Thought, Cambridge University Press, vol. 32(4), pages 445-470, December.
    11. E. W. Kemmerer, 1905. "The Establishment of the Gold Exchange Standard in the Philippines," The Quarterly Journal of Economics, Oxford University Press, vol. 19(4), pages 585-609.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Quantity theory; compensated dollar; prices; gold exchange standard;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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