Irving Fisher on a 'fundamental theorum' in neo-Austrian capital theory

Article Abstract:

The capital theory of Bohm-Bawerk has been analysed by Irving Fisher, Frank Fetter and Knut Wicksell. Fetter's work has received little publicity but his critique follows the same lines as Wicksell and Fisher. Fisher's work on Bohm-Bawerk's third step included a minor slip. This does not undermine the importance of Fisher's work as a whole, but was noted by Wicksell in an amusing way. One can also mount a defense of Bohm-Bawerk, despite not being in full agreement with his conclusions.

Neoclassical economics, Austrian school of economics

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Exchange risk and the supply-side effects of real interest rate changes

Article Abstract:

Domestic real interest rates may be set at lower levels than that prevalent elsewhere in a small open economy under flexible exchange rates. The supply-side effects of real interest rate changes is determined in an empirical model and evaluation results show that lower domestic interest rates expansionary effects on output and employment and will also cause a real exchange rate depreciation and an increase in the current account surplus.

Econometrics & Model Building, Econometrics, Inflation (Finance), Business models, Inflation (Economics)

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The role of the gold standard in the Gibson Paradox

Article Abstract:

A study evaluates models explaining A.H. Gibson's assertion of a relationship between price level and interest rates. Chi-Wen J. Lee and C. R. Petruzzi in 1986 and R.B. Barsky and L.H. Summers in 1988 explained the Gibson Paradox in terms of the effect of interest rate changes on the relative gold price. However, the structure of the models differs. Empirical evidence supports the Lee and Petruzzi model based on a

Prices

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