Virtually all references to the Fisher Effect assume that its appearance in nominal interest rates is a simultaneous result of borrower and lender effects. However, Irving Fisher, and Henry Thornton before him emphasized the activist role on the borrower (demand) side of the loan market. Their...

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Sept/Oct 1977

An abstract for this article is not available

An abstract for this article in not available.

Originally appeared in the Federal Reserve Bank of Richmond, Economic Review, July/August 1976

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Jan/Feb 1978

Originally appeared in the Federal Reserve Bank of Richmond, Economic Review, May/June 1977

Traditionally, central banks seeking to stabilize general prices have followed policies similar to those advocated by Knut Wicksell: when prices are higher that desired, raise interest rates to exert downward pressure on prices, and conversely. Despite the historical predominance of interest...

Prominent among older theories of inflation is the view that a rising price level stems from a divergence between two rates of interest.