Gylfason, T. and Tómasson, H. and Zoega, Gylfi (2016) Around the world with Irving Fisher. The North American Journal of Economics and Finance 36 , pp. 232-243. ISSN 1062-9408.
|
Text
14566.pdf - Author's Accepted Manuscript Available under License Creative Commons Attribution Non-commercial No Derivatives. Download (722kB) | Preview |
Abstract
This paper aims to show why Irving Fisher's own data on interest rates and inflation in New York, London, Paris, Berlin, Calcutta, and Tokyo during 1825–1927 suggested to him that nominal interest rates adjusted neither quickly nor fully to changes in inflation, not even in the long run. In Fisher's data, interest rates evolve less rapidly than inflation and change less than inflation over time. Even so, the “Fisher effect” is commonly defined as a point-for-point effect of inflation on nominal interest rates rather than what Fisher actually found: a persistent negative effect of increased inflation on real interest rates.
Metadata
| Item Type: | Article |
|---|---|
| Keyword(s) / Subject(s): | Fisher effect, Inflation, Interest rates |
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Research Centres and Institutes: | Applied Macroeconomics, Birkbeck Centre for |
| Depositing User: | Administrator |
| Date Deposited: | 02 Mar 2016 10:55 |
| Last Modified: | 02 Aug 2023 17:22 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/14566 |
Statistics
Additional statistics are available via IRStats2.
Archive Staff Only (login required)
