Irving Fisher, Debt Deflation and Crises
It is the 100th anniversary of Irving Fisher’s 1911 book The Purchasing Power of Money . But, more important than that, it is a good time, during the current ﬁnancial turmoil, to reconsider some of his theories again, in light of current events. And I think that some of his theories about variations in the purchasing power of money are very important today, have been underappreciated, and are worthy of considering anew.
Shiller, Robert J., "Irving Fisher, Debt Deflation and Crises" (2011). Cowles Foundation Discussion Papers. 2165.