COWLES FOUNDATION FOR RESEARCH IN
ECONOMICS Box 208281
COWLES FOUNDATION DISCUSSION PAPER NO. 0000 Irving Fisher, Debt Deflation and Crises Robert J. Shiller August 2011 It is the 100th anniversary of Irving Fisher’s 1911 book The
Purchasing Power of Money. But, more important than that, it is a good time, during
the current financial turmoil, to reconsider some of his theories again, in light of
current events. And I think that some of his theories about variations in the purchasing
power of money are very important today, have been underappreciated, and are worthy of
considering anew. |
