Irving Fisher, Inflation, and the Nominal Rate of Interest

G. Marc Choate and Stephen H. Archer

Journal of Financial and Quantitative Analysis, 1975, vol. 10, issue 4, 675-685

Abstract: The purpose of this paper is to present a more meaningful interpretation of the empirical finding of a distributed lag relationship between the nominal (market) rate of interest and the rate of inflation than that offered by Irving Fisher [8] and subsequent writers (see e.g., [2], [9], [10], [11], [15], [17]). In Part II we identify a paradox between Fisher's theory and his empirical results and examine previous explanations for the paradox. In III and IV, we offer what appears to be a more satisfactory resolution of the paradox and subject it to empirical test.

Date: 1975
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