Irving Fisher would have supported QE
Thorvald Grung Moe. If you haven’t already read Fisher’s 1933 article “The Debt-Deflation Theory of Great Depressions,” read it today. It contains his theory of booms and busts that later inspired Hyman Minsky to develop the Financial Instability Hypothesis (HM duly acknowledged his debt to Fisher in his 1986 book). Fisher’s article is unfortunately becoming […]
A fiscal union for the euro: Some lessons from history
Bordo, Michael, Jonung, Lars & Markiewicz, Agnieszka. The single European currency is the first of its kind – a union where monetary policy is decided centrally and fiscal policy decided nationally – something that many argue is the root cause of its troubles. This column looks to history to find examples of federal states with a common […]