From Compensated Dollar to 100% Money

Du dollar-compensé au 100% Monnaie

Adrien Vila
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Adrien Vila: PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper, we examine the factors internal to Fisher's thinking that explain why, after the 1929 crash, he developed the 100% Money (1935) at the expense of the compensated dollar. Our interpretation challenges Friedman and Schwartz's (1970) assumption that Fisher includes deposits in his definition of money and would then consider necessary a credit control policy. In our opinion, it is not the nature of bank credit that changes for Fisher, but its role in triggering and spreading crises.

Keywords: Irving Fisher; macroeconomics instability; credit; money creation; instabilité macroéconomique; crédit; création monétaire (search for similar items in EconPapers)
Date: 2019-12-24
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Published in Revue d'histoire de la pensée économique, 2019, Revue d'histoire de la pensée économique 2019 – 2, n° 8 varia, 2019 – 2 (n° 8), pp.81-107. ⟨10.15122/isbn.978-2-406-09845-4.p.0081⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02430828

DOI: 10.15122/isbn.978-2-406-09845-4.p.0081

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