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Economists --- -History --- -Fisher, Irving
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Economics --- Economists --- History --- Fisher, Irving,
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Quantity theory of money --- Fisher, Irving, --- Friedman, Milton,
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Fisher, Irving --- -330.157092 --- Fisher, Irving, --- Fuishā, Ābiingu, --- Economists --- 330.157092 --- 08 --- AA / International- internationaal --- Biografieën en memoires
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Economic schools --- Fisher, Irving --- Economists --- Macroeconomics --- Economics --- Econometrics --- Congresses --- Statistical methods --- Fisher, Irving, --- Economists - United States - Congresses --- Macroeconomics - Congresses --- Economics - Statistical methods - Congresses --- Econometrics - Congresses --- Fisher, Irving, - 1867-1947
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In the fall of 1929, the market value of all shares listed on the New York Stock Exchange fell by 30 percent. Many analysts then and now take the view that stocks were then overvalued and the stock market was in need of a correction. Irving Fisher argued that the fundamentals were strong and the stock market was undervalued. In this paper, we estimate the fundamental value of corporate equity in 1929 using data on stocks of productive capital and tax rates as in McGrattan and Prescott (2000, 2001) and compare it to actual stock valuations. We find that the stock market in 1929 did not crash because the market was overvalued. In fact, the evidence strongly suggests that stocks were undervalued, even at their 1929 peak.
Stock Market Crash, 1929. --- Financial crises --- Economic history. --- Fisher, Irving, --- United States --- Economic conditions,
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We wish to thank Georg Hasenkamp for valuable comments on an earlier draft of the manuscript and Steven Diamond for his kindness in reading the manu script and providing advice regarding the style of the exposition. We are also grateful to Miss Ingeborg Kasper for her careful typing of the manu script. Contents 1. Introduction 4 2. Price Indices Depending only on Prices 2. 1 Definition, Examples, Implications 4 2. 2 Characterizations of Pri~e Indices 15 3. Price Indices Depending on Prices and Quantities 22 3. 1 Definition, Examples 23 3. 2 Fisher's System of Tests 29 3. 3 Implications and Characterizations 35 3. 4 Independence and Inconsistency of Fisher's Tests 44 3. 5 General Solution of the Inconsistency Problem 54 4. Price Levels, Price Indices, and Fisher's Equation 59 of Exchange 4. 1 Definition, Examples, Implications 60 4. 2 Characterizations of Price Levels 64 4. 3 Fisher's Equation of Exchange Reconsidered 72 Bibliography 5. 83 6. Index 88 1. Introduction In the face of the economic, political, and social problems resul ting from world-wide inflation, theories of the price index have gained new attention. This newfound interest in price indices stems from the fact that all such indices are designed to serve as yardsticks for measuring the price behavior of goods and services. That is, all price indices relate to the concept of the 'purchasing power of money'. If prices increase, then the value of the unit of money declines, i. e.
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Macroeconomics --- Methodology of economics --- Economic schools --- Business cycles --- Economic policy and planning (general) --- Financial management --- World history --- History --- economische politiek --- geschiedenis --- economische crisis --- macro-economie --- economische geschiedenis --- Fisher, Irving
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