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.
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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: | 13 Feb 2021 18:46 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/22596 |
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