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Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?
Ist Teil von
NBER Working Paper Series, 2011-06, p.17123
Ort / Verlag
Cambridge: National Bureau of Economic Research, Inc
Erscheinungsjahr
2011
Link zum Volltext
Quelle
National Bureau of Economic Research Publications
Beschreibungen/Notizen
Working Paper No. 17123 The question of price level versus inflation targeting remains controversial. Disagreement concerns, not so much the desirability of price stability, but rather the means of achieving it. Irving Fisher argued for a commodity dollar standard where the purchasing power of money was fixed by indexing it to a basket of commodities. We show that movements in the price of silver closely track the movements in overall prices during the classical gold standard era. The one-to-one relationship between paper and silver bonds suggests that a simple "silver rule" could have sufficed to fix the purchasing power of money.