TY  - BOOK
AU  - Burdekin,Richard C.K.
AU  - Mitchener,Kris James
AU  - Weidenmier,Marc D.
ED  - National Bureau of Economic Research.
TI  - Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer? 
T2  - NBER working paper series
PY  - 2011///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - June 2011; Hardcopy version available to institutional subscribers
N2  - 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
UR  - https://www.nber.org/papers/w17123
UR  - http://dx.doi.org/10.3386/w17123
ER  -