Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?
研究了欧文·费雪提出的商品美元标准，发现古典金本位时期白银价格与总体价格紧密联动，暗示简单的“白银规则”可能足以稳定货币购买力。
The question of price level versus inflation targeting remains controversial. Disagreement concerns not so much the desirability of price stability but rather the means of achieving it. Irving Fisher argued for a commodity dollar standard where the purchasing power of money was fixed by indexing it to a basket of commodities. We show that movements in the price of silver closely track the movements in overall prices during the classical gold standard era. The one‐to‐one relationship between paper and silver bonds suggests that a simple “silver rule” could have sufficed to fix the purchasing power of money.