2,761 research outputs found
Precursors of the P-star model
The Federal Reserve Board’s P-Star inflation forecasting model predicts changes in inflation from the gap between actual and equilibrium prices. The model has a distinguished history. Quantity theorists from David Hume to Milton Friedman have long used versions of it to explain how money stock changes determine price level changes with a lag.Forecasting ; Inflation (Finance) ; Prices
Cumulative process models from Thorton to Wicksell
An abstract for this article is not availableMonetary theory
Eliminating runaway inflation : lessons from the German hyperinflation
An abstract for this article is not availableMonetary policy ; Money supply ; Inflation (Finance)
Algebraic quantity equations before Fisher and Pigou
Readers of this Review are doubtlessly familiar with the famous equation of exchange, MV=PQ, frequently employed to analyze the price level effects of monetary shocks. One might think the algebraic formulation of the equation is an outgrowth of the 20th century tendency toward mathematical modeling and statistical testing. Indeed, textbooks typically associate the transaction velocity version of the equation with Irving Fisher and the alternative Cambridge cash balance version with A. C. Pigou, two early 20th century proponents of the application of mathematics to economic analysis. The equation, however, is considerably older, as Thomas M. Humphrey demonstrates in “Algebraic Quantity Equations Before Fisher and Pigou.” Humphrey traces the origins and prehistory of the equation in both its variants, showing that Fisher and Pigou were the inheritors of a long tradition. In fact, by 1900 the equation of exchange was over 120 years old and at least nineteen writers in five countries had presented versions of the equation. Certain versions were even more intricate than the equations of Fisher and Pigou. As early as 1771, writers had produced formulas showing that excessive growth of the money stock causes inflation.Price levels ; Money
Some current controversies in the theory of inflation
An abstract for this article is not available.Inflation (Finance)
Ricardo versus Wicksell on job losses and technological change
Employment (Economic theory) ; Technology
Mercantilists and classicals: insights from doctrinal history
Monetary theory ; Economists
Dennis H. Robertson and the monetary approach to exchange rates
Monetary theory ; Prices ; Rational expectations (Economic theory)
Some current controversies in the theory of inflation
Originally appeared in the Federal Reserve Bank of Richmond, Economic Review, July/August 1976Inflation (Finance)
- …