... and statistics in economics coincided with his promotion of his “compensated dollar” plan to stabilize price levels by varying the gold price of currencies, provoking suspicion that his proposed intergovernmental conference and scholarly society were intended to promote his monetary plan. In addition to his...

... Irwin, Scott Sumner, George Tavlas, Brad De Long, and David Romer for comments. I thank two referees and the editor of this journal for very helpful comments and suggestions. Copyright 2017 by Duke University Press 2017 Gold standard devaluation Brains Trust Irving Fisher compensated dollar...

.... These monetary-shock-induced real rate changes temporarily alter investment spending, output, and employment. To prevent such real disturbances, Fisher offered his compensated dollar plan. It directs the monetary authority to stabi- lize the domestic price level P by changing gold s official dollar mint price G...

... bank some leeway to vary the, internal note issue in response to seasonal and other fluctuations (see Dimand 1991b). Such interests led Keynes to see more of the gold exchange standard in Fisher’s compensated dollar proposal than was there. Fisher advocated varying the gold value...

... stability as extremely valuable. Thus, in Fisher 191 1, we find extensive discussions of how what he was later to call his “compensated dollar” scheme could be combined with the gold exchange standard to produce price level and exchange-rate stability in the international economy; specifically...

... . ( 1911 ) 1963 . The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises . New York : Augustus M. Kelley . ———. 1913 . “ A Compensated Dollar .” Quarterly Journal of Economics 27 : 213 – 35 . Flanders M. June . 1989 . International Monetary...

... and His Compensated Dollar Plan .” Federal Reserve Bank of Richmond Economic Quarterly 79 ( 3 ): 1 – 34 . Samuelson Paul . 1982 . “ Bertil Ohlin, 1898-1979 .” Journal of International Economics 12 ( supplement ): 33 – 49 . Walsh Carl E. 1995 . “ Optimal Contracts for Central...

... Capital: A History of the International Monetary System . Princeton, N.J.: Princeton University Press. Fisher, Irving. 1913 . A Compensated Dollar. Quarterly Journal of Economics 27 (February): 213 -35. ____. [1935] 1945 . 100% Money . New Haven, Conn.: City Printing Company. Friedman...

... primitive economies, monetary policy often consisted of little more than the de- basement of coins. Important elements of the commodity approach to monetary analysis run through the nineteenth-century banking school, Irving Fisher’s “compensated dollar plan,” and even the “new monetary economics...

... was “in favor of America managing her own price level,” one possible means being “the compensated dollar plan to which devaluation is the natural intro- duction.” Letter from Fisher to FDR, April 30, 1933 (Yale) (emphasis in original); see also letter from Fisher to Rand, February 28, 1933 (Yale...

... all?) reform schemes may usefully be interpreted as suggestions for setting and adjusting the Schumpeterian critical figure in a more sensible way than the haphazard way now prevailing. This is true of composite-commodity or commodity-reserve money, of Irving Fisher’s “compensated dollar...

... individual on the scarce goods. 6. Siphon off any dangerous accumulation of unspent income by per- sonal income taxes and compulsory loans. 7. Wherever possible produce low-priced “victory models” of consum- ers’ goods.1 8. Grant generous monetary compensation to everybody who is hurt...

... (Keynes), 1, 166, Bryce, Robert B., 236,257,258 168, 169, 171, 181 Buehler, R. J., 49-50 Compensated dollar scheme, 267,268 Bulletin of the Oxford Institute of Conduitt, John, 168 Statistics, 90 Conglomerability, concept of, 49 Burke, E...

... their separate hoards of gold” (Young 1929a, 97). 16. Fisher sought to use monetary control to stabilize the domestic price level and so, he hoped, the domestic business cycle (see section 4). His 1920 compensated dollar scheme can be understood as an attempt to retain the possibility of domestic...

... authorities in several other nations since, including Australia, Canada, and the United States. I Reform proposals resembling Fisher’s “compensated dollar” plan have also gained a new lease on life. Correspondence may be addressed to Professor George Selgin, Department of Economics, University...

... dimension of the multifactor conceptual setup, which is obviously also relevant in the setting of the margin. Barkai / Gold Standard Debate 23 price of its products and thus of its exportables (in dollar terms) unless fully compensated for by a corresponding comparative...

... to 4.2 liras to the dollar. Second, on the political front, the deep recession that Israel experi- enced in 1966–67, when unemployment reached an annual average rate of 10.4 percent of the labor force (and that came to an end in the after- math of the Six-Day War), created a fear of unemployment...

... thousand Washington Memorial half dollars in six different designs for the benefit of the Washington Monument Association in Alexandria, I have the honor to submit the following considerations: That the establishment of a sound and adequate monetary system is a distinct governmental...

... in this. No resort to a Giffen- like paradox is required as explanation. Income-compensated demand schedules need not be price elastic over all ranges. The fundamental reciprocity between demand land supply was formally devehped a BUCHANAN THE BACKBENDING SUPPLY CURVE 385 century...

... standards mentioned are the (Fisher) “compensated dollar” and the “potato standard.” As regards these topics, a final examination question dealt with an evaluation of increased government expenditures “to be financed from surpluses accumulated during prior periods of prosperity from bor- rowing, from...