J. M. Keynes’s Lectures on Fisher in 1909☆

Carlo Cristiano

A chapter in Research in the History of Economic Thought and Methodology, 2016, vol. 34B, pp 367-401 from Emerald Group Publishing Limited

Abstract: Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

Keywords: Fisher; Keynes; quantity theory of money; interest rates; trade cycle; monetary reform (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-41542016000034b003

DOI: 10.1108/S0743-41542016000034B003

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