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THE CRITICS OF IRVING FISHER'S FORMULA AND SOME ILLUSIONS ABOUT CONTEMPORARY MONETARY POLICY
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THE CRITICS OF IRVING FISHER'S FORMULA AND SOME ILLUSIONS ABOUT CONTEMPORARY MONETARY POLICY
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
Authors
Nina Goridko  Robert Nizhegorodtsev Sergey Glazyev
Edition
Volume 52 Issue 4
Pages
3-23
Abstract
The paper gives a theoretical and calculable refusal of Irving Fisher's Formula used by monetarist economists for proving the way of overcoming inflation through monetary volume restriction. The paper proves that Formula is a linearized approximation for non-linear relations in real economic systems. It implements regression models of a middle-run non-linear interrelation between monetary volume and inflation rate (Goridko's Curve) based on statistical data for several countries during the recent 15 years. It deploys the concept of NSEGRI (non-slowing economic growth rate of inflation) on the basis of non-linear regression models relating GDP growth to the rate of inflation. The models linking GDP with monetary volume permit to discuss ‘undermonetization' and ‘overmonetization' of the economy for the cases of several countries. The implication is that one of essential sources of non-linearity for those middle-run relations is inevitability of innovative shifts. The paper provides comparative analysis of monetary policies in some countries whose aims and positions in the global economy are rather different. There are some conclusions for current monetary policies in Russia.
Keywords
monetary policy, Irving Fisher's Formula, Goridko's Curve, NSEGRI, monetization of economy, economic growth
Date of publication
01.10.2016
Number of purchasers
1
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1026
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