American quantity theorists prior to Irving Fisher’s "The purchasing power of money"
de Boyer des Roches, Jérôme; Gomez Betancourt, Rebeca (2013), American quantity theorists prior to Irving Fisher’s "The purchasing power of money", Journal of the History of Economic Thought, 35, 2, p. 135-152. 10.1017/S1053837213000035
TypeArticle accepté pour publication ou publié
Journal nameJournal of the History of Economic Thought
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Author(s)de Boyer des Roches, Jérôme
Gomez Betancourt, Rebeca
Triangle : action, discours, pensée politique et économique [TRIANGLE]
Abstract (EN)The aim of this paper is to analyze the state of the quantity theory in the United States prior to the publication of Irving Fisher’s The Purchasing Power of Money in 1911. We start by presenting the participants in the monetary debate. Next, we analyze the controversies regarding prices, purchasing power of money, and credit, prior to the Gold Standard Act of 1900, in particular the opposing views of Francis Amasa Walker and James Laurence Laughlin. We then go on to study of the restatement of the quantity theory at the beginning of the twentieth century, through the introduction of credit in the analysis and the statistical tests of the exchange equations. Finally, we study the problems and management of the gold standard, focusing on the elasticity of money supply, the characteristics of the gold exchange standard, and the contrast between the fixed price of gold and its fluctuating purchasing power. We show the improvement of the quantity theory and the new issues that emerged from the rich and original American monetary debate, prior to the publication in 1911 of Fisher’s book.
Subjects / KeywordsThéorie quantitative de la monnaie; Quantity theory of money; Central Banks and banking; Banques centrales; Gold; étalon or
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