The Purchasing Power of Money: Its determination and Relation to Credit, Interest and Crises
Irving Fisher
"The purpose of this book is to set forth the principles determining the purchasing power of money and to apply those principles to the study of historical changes in that purchasing power, including in particular the recent change in "the cost of living," which has aroused world-wide discussion.
"If the principles here advocated are correct, the purchasing power of money--or its reciprocal, the level of prices--depends exclusively on five definite factors: (1) the volume of money in circulation; (2) its velocity of circulation; (3) the volume of bank deposits subject to check; (4) its velocity; and (5) the volume of trade. Each of these five magnitudes is extremely definite, and their relation to the purchasing power of money is definitely expressed by an "equation of exchange." In my opinion, the branch of economics which treats of these five regulators of purchasing power ought to be recognized and ultimately will be recognized as an exact science, capable of precise formulation, demonstration, and statistical verification.... "
I. Primary Definitions
II. Purchasing Power of Money as Related to the "Equation of Exchange"
III. Influence of Deposit Currency on the Equation and Therefore on Purchasing Power
IV. Disturbance of Equation and of Purchasing Power During Transition Periods
V. Indirect Influences on Purchasing Power
VII. Influence of Monetary Systems on Purchasing Power
VIII. Influence of Quantity of Money and Other Factors on Purchasing Power and on Each Other
IX. The Dispersion of Prices Makes Necessary an Index of Purchasing Power
X. The Best Index Numbers of Purchasing Power
XI. Statistical Verification. General Historical Review
XII. Statistical Verification. Recent Years
XIII. The Problem of Making Purchasing Power More Stable
Appendix to Chapter X
Major Works of Irving Fisher
Mathematical Investigations in the Theory of Value and Prices, 1892
Appreciation and Interest, 1896
The Role of Capital in Economic Theory, 1897
Precedents for Definining Capital, 1898
The Nature of Capital and Income, 1906
The Rate of Interest, 1907
National Vitality, its wastes and conservation, 1910
The Equation of Exchange, 1896-1910, 1911
Recent Changes in Price Levels and Their Causes, 1911
The Purchasing Power of Money: Its determination and relation to credit, interest and crises, 1911
The Equation of Exchange, for 1911, and Forecast, 1912
An International Commission on Cost of Living, 1912
Will the Present Upward Trend of World Prices Continue?, 1912
Elementary Principles of Economics, 1912
A Remedy for the Rising Cost of Living: Standardizing the Dollar, 1913
The Equation of Exchange' for 1912, and Forecast, 1913
The Impatience Theory of Interest, 1913
Objections to a Compensated Dollar Answered, 1914
Why is the Dollar Shrinking? A study in the high cost of living
After the war, what? A plea for a league of peace, 1914
Review of Auspitz and Lieben's Theory of Price, 1915
Some Contributions of the War to Our Knowledge of Money and Prices, 1918
Is 'Utility' the Most Suitable Term for the Concept It is Used to Denote?, 1918
Economists in Public Service, 1919
Stabilizing the Dollar, 1919
Consideration of the Proposal to Stabilize the Unit of Money: Rejoinder, 1919
Stabilizing the Dollar, 1920
The Making of Index Numbers: A study of their varieties, tests and reliability, 1922
The Statistical Relation Between Unemployment and Price Changes, 1926
Prohibition at its Worst, 1927
The Money Illusion, 1928
The Theory of Interest: As determined by the impatience to spend income and opportunity to invest it, 1930
Booms and Depressions, 1932
The Debt-Deflation Theory of Great Depressions, 1933
Inflation, 1933
Stamp Scrip, 1933
100% Money, 1935
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