Around the world with Irving Fisher
Gylfason, T. and Tomasson, 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
Fisher 10_gz_tg_17_nov_revised_gz_ht.pdf - Author's Accepted Manuscript Available under License Creative Commons Attribution Non-commercial No Derivatives. Download (846kB) | Preview |
Abstract
This paper aims to show using modern econometric methods how Irving Fisher’s data on interest rates and inflation in New York, London, Paris, Berlin, Calcutta, and Tokyo from 1825 to 1927 suggest 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. The so-called Fisher hypothesis therefore refers to a theoretical result arising from the Fisher equation and forward-looking and rational expectations and not the empirical relationship found in his data.
Metadata
| Item Type: | Article |
|---|---|
| School: | School of Business, Economics & Informatics > Economics, Mathematics and Statistics |
| Research Centres and Institutes: | Applied Macroeconomics, Birkbeck Centre for |
| Depositing User: | Gylfi Zoega |
| Date Deposited: | 05 Nov 2019 10:09 |
| Last Modified: | 16 Jun 2021 09:45 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/22596 |
Statistics
Additional statistics are available via IRStats2.
Archive Staff Only (login required)
 |
Edit/View Item |