A Generalization of the Fisher Equation

Henryk Kierzkowski

The Economic Record, 1979, vol. 55, issue 3, 261-266

Abstract: The Fisher equation is generalized by introducing differential expectations. It is argued that borrowers and lenders may adjust their expectations of inflation with different speeds. The appropriate reduced‐form equation for the interest rate is derived and estimated using the data series contained in Fisher's The Theory of Interest.

Date: 1979
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