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INTEREST WITH APPRECIATION: The Original Fisher Equation
https://doi.org/10.24545/00000950
https://doi.org/10.24545/000009503f7c0dd5-d63e-443e-b9a8-ec719e3a2445
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
I-2002-0006 (1.2 MB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| 公開日 | 2015-02-25 | |||||||
| タイトル | ||||||||
| タイトル | INTEREST WITH APPRECIATION: The Original Fisher Equation | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Fisher equation | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Fisher hypothesis | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Fisher effect | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | money illusion | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | nominal interest rate | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | purchasing power of money | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | value of money | |||||||
| 資源タイプ | ||||||||
| 資源タイプ | technical report | |||||||
| ID登録 | ||||||||
| ID登録 (DOI) | 10.24545/00000950 | |||||||
| ID登録タイプ | JaLC | |||||||
| 著者 |
RHODES, James R.
× RHODES, James R.
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| 著者所属 | ||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | In 1896, Irving Fisher published Appreciation and Interest and put into print the original form of the famous equation that links nominal and real rates of interest. In the past half century, a voluminous literature has misrepresented and misinterpreted Fisher's contribution. The conventional "Fisher equation" (CFE) is expressed in terms of expected inflation, whereas the original Fisher equation (OFE) uses the expected appreciation of money. Since the OFE is written in terms of the value of money (1/P), not the value of goods (P), criticisms of the conventional version based on Jensen's inequality do not apply. This paper derives the OFE and explicates its importance. It argues that Fisher's subtle, non-Patinkin, concept of "money illusion" provides an explanation for the departure from pure theory in his subsequent (1930) empirical work. The CFE, although using an inferior index for measuring expected appreciation, is more amenable to Fisher's psychological theory of monetary value. | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | JEL Classification Codes: E43, E40, G10 | |||||||
| 発行年 | ||||||||
| 値 | 2002-09 | |||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. I-2002-0006, 発行日 2015-02-25 |
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| 出版者 | ||||||||
| 出版者 | GRIPS Policy Research Center | |||||||
| 言語 | en | |||||||
| 権利 | ||||||||
| 権利情報 | ©2002 by James R. Rhodes. All rights reserved. | |||||||
| 著者情報 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/rhodes_james/ | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | AM | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||
