THE CRITICS OF IRVING FISHER'S FORMULA AND SOME ILLUSIONS ABOUT CONTEMPORARY MONETARY POLICY
Table of contents
Share
Metrics
THE CRITICS OF IRVING FISHER'S FORMULA AND SOME ILLUSIONS ABOUT CONTEMPORARY MONETARY POLICY
Annotation
PII
S042473880000616-6-1
Publication type
Article
Status
Published
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
0
Views
69
Readers community rating
0.0 (0 votes)
Cite Download pdf 100 RUB / 1.0 SU

To download PDF you should sign in

Full text is available to subscribers only
Subscribe right now
Only article
100 RUB / 1.0 SU
Whole issue
0 RUB / 0.0 SU
All issues for 2016
0 RUB /  SU
1

References



Additional sources and materials

Glaz'ev S. Yu. (2010a). Problemy realizatsii intellektual'nogo potentsiala obschestva v usloviyakh perekhoda na innovatsionnyj put' razvitiya. V kn.: "Neehkonomicheskie grani ehkonomiki: nepoznannoe vzaimovliyanie. Nauchnye i publitsisticheskie zametki obschestvovedov". M.: In-t ehkonomicheskikh strategij.

Glaz'ev S.Yu. (20106). Strategiya operezhayuschego razvitiya Rossii v usloviyakh global'nogo krizisa. M.: Ehkonomika.     

Glaz'ev S.Yu. (2015a). O neotlozhnykh merakh po ukrepleniyu ehkonomicheskoj bezopasnosti Rossii i vyvodu rossijskoj ehkonomiki na traektoriyu operezhayuschego razvitiya. Doklad. M.: Institut ehkonomicheskikh strategij, Russkij biograficheskij institut.

Glaz'ev S.Yu. (2015b). O targetirovanii inflyatsii // Voprosy ehkonomiki. № 9. S. 124-135. Glaz'ev S.Yu. (2015v). Ehksperimenty tsenoyu v suverenitet // Ehkspert. № 28. S. 34-38.

Glaz'ev S.Yu. (2015g). Nischeta i blesk rossijskikh monetaristov//Ehkonomicheskaya nauka sovremennoj Rossii. № 2. S. 7-21; № 3. S. 7-25.

Gorid'ko N.P. (2011a). Mnogofaktornye modeli inflyatsii na primere makrosistemy Ukrainy. V sb.: "Bankovskaya sistema Ukrainy v usloviyakh globalizatsii finansovykh rynkov". Tezisy dokladov i vystuplenij. Materialy Mezhdunarodnoj nauchno-prakticheskoj konferentsii, 20-21 oktyabrya 2011 g. Cherkassy: Izdatel' Yu.A. Chabanenko. S. 319-321.

Gorid'ko N.P. (2011b). Mnogofaktornye modeli inflyatsii, postroennye s uchetom vremennogo laga. V sb.: "Upravlenie innovatsiyami -2011". Materialy mezhdunarodnoj nauchno-prakticheskoj konferentsii 14-16 noyabrya 2011 g./Pod red. R.M. Nizhegorodtseva. M.: LENAND. S. 368-373.

Gorid'ko N.P. (2012). Regressionnoe modelirovanie inflyatsionnykh protsessov: Monografiya. M.: RosNOU.

Gorid'ko N.P. (2014). Faktory predlozheniya deneg i monetarnaya politika v stagnatsionnoj ehkonomike//Drukerovskij vestnik. № 4. S. 114-124.   

Gorid'ko N. P. (2016). Modelirovanie tempov inflyatsii, ne zamedlyayuschikh ehkonomicheskij rost (NSEGRI), dlya ehkonomiki Rossii//Drukerovskij vestnik. № 3. S. 78-88.   

Gorid'ko N.P., Nizhegorodtsev R.M. (2012a). Sootnoshenie ehmissionnykh i transmissionnykh mekhanizmov inflyatsii v sovremennoj ehkonomike Ukrainy: opyt regressionnogo modelirovaniya//Vestnik Natsional'nogo banka Ukrainy. № 6. S. 22-26.

Gorid'ko N.P., Nizhegorodtsev R.M. (2012b). Faktornoe regressionnoe modelirovanie ob'ema real'noj stoimosti finansovykh aktivov dlya Rossii. Materialy XIII Mezhdunarodnoj nauchno-tekhnicheskoj konferentsii "IT-tekhnologii: razvitie i prilozheniya". Vladikavkaz: Flamingo. S. 75-88.

Gosudarstvo i rynok: novoe kachestvo vzaimodejstviya v informatsionno-setevoj ehkonomike (2007)/Pod red. S.A. Dyatlova, D.Yu. Miropol'skogo, V.A. Plotnikova. SPb.: Asterion.   

Dzyuba M.V., Nizhegorodtsev R.M. (2010). Modelirovanie inflyatsionnykh protsessov pri pomoschi regressionnogo analiza (na primere Respubliki Kazakhstan). Chast' 2//Tegga Economicus. T. 8. № 4. S. 35-39.

Kudrin A. (2007). Inflyatsiya: rossijskie i mirovye tendentsii//Voprosy ehkonomiki. № 10. S. 4-26.   

Lebedev O. (2013) Mirovoj finansovo-ehkonomicheskij krizis 2008 goda . -Rezhim dostupa: http://timesnet.ru/magazine/12/3829/(data publikatsii 29.03.2013).

Medvedev nazval ogranichenie indeksatsii pensij "vremennoj meroj" (2016). . Rezhim dostupa: https://news.mail.ru/economics/26064584/?frommail=1, svobodnyj. Zagl. s ehkrana. Yaz. rus. (data obrascheniya: maj 2016 g.).

Nizhegorodtsev R.M. (2006). Problemy upravleniya inflyatsiej: sovremennye podkhody//Problemy upravleniya. № 6. S. 25-30.   

Nizhegorodtsev R.M. (2007). Sovremennaya inflyatsiya: formy, faktory, posledstviya i puti preodoleniya. Gomel': Tsentr issledovaniya institutov rynka.

Nizhegorodtsev R.M., Gorid'ko N.P. (2012a). Regressionnoe modelirovanie dinamiki real'noj stoimosti finansovykh aktivov (na primere Ukrainy)//Finansovaya analitika: problemy i resheniya. № 14. S.33-40.   

Nizhegorodtsev R.M., Gorid'ko N.P. (2012b). Upravlenie monetarnoj sferoj i perspektivy ehkonomicheskogo rosta: uroki krizisa, modeli, prognozy. V kn.: "Ehkonomicheskaya bezopasnost' sovremennoj Rossii: uroki krizisa i perspektivy rosta". V.A. Chereshneva, A.I. Tatarkina, M.V. Fedorova (red.). T. 1. Ekaterinburg: Institut ehkonomiki UrO RAN. S. 831-877.

Nizhegorodtsev R.M., Gorid'ko N.P., Shkodina I.V. (2014). Institutsional'nye osnovy teorii finansov: sovremennye podkhody. M.: INFRA-M.

Osnovnye napravleniya edinoj gosudarstvennoj denezhno-kreditnoj politiki na 2016 god i period 2017 i 2018 godov (2015). (Ehlektronnyj resurs). M.: TsB RF. Rezhim dostupa: http://www.cbr.ru/publ/ondkp/on_2016(2017-2018).pdf, svobodnyj. Zagl. s ehkrana. Yaz. rus. (data obrascheniya: maj 2016 g.).

Osoboe mnenie chlena Natsional'nogo bankovskogo soveta S.Yu. Glaz'eva po proektu resheniya NBS "Ob osnovnykh napravleniyakh edinoj gosudarstvennoj denezhno-kreditnoj politiki na 2013-2015 gg." (2012). Doklad, prochitannyj na zasedanii Natsional'nogo finansovogo soveta.

Osoboe mnenie chlena Natsional'nogo finansovogo soveta S.Yu. Glaz'eva po proektu resheniya NFS "Ob osnovnykh napravleniyakh edinoj gosudarstvennoj denezhno-kreditnoj politiki na 2014-2016 gg." (2013). Doklad, prochitannyj na zasedanii Natsional'nogo finansovogo soveta.

Osoboe mnenie chlena Natsional'nogo finansovogo soveta S.Yu. Glaz'eva po proektu resheniya NFS "Ob osnovnykh napravleniyakh edinoj gosudarstvennoj denezhno-kreditnoj politiki na 2015-2017 gg." (2014). Doklad, prochitannyj na zasedanii Natsional'nogo finansovogo soveta.

Pajdiev L. (2009). Kakoj budet ehkonomika novogo mira? .-Rezhim dostupa: http://wp.itacom.kz/2009/04/29/leonid-pajdiev-kakoj-budet-ekonomika-novogo-mira-1/, svobodnyj. Zagl. s ehkrana. Yaz. rus. (data obrascheniya: maj 2016 g.).

Polyakova O.V., Gorid'ko N.P. (2012). Faktornyj regressionnyj analiz inflyatsionnykh protsessov v rossijskoj ehkonomike 1999-2010 godov//RISK: Resursy. Informatsiya. Snabzhenie. Konkurentsiya. № 3. S. 193-199.   

Barro R.J., Sala-i-Martin X. (1995). Economic Growth. Cambridge: MIT Pressr.

Bruno M., Easterly W. (1995). Inflation Crises and Long-Run Growth: NBER Working Papers 5209 (Ehlektronnyj resurs).

National Bureau of Economic Research, Inc. Rezhim dostupa: http://www.nber.org>papers/w5209, svobodnyj. Zagl. s ehkrana. Yaz. angl. (data obrascheniya: maj 2016 g.).      

Nizhegorodtsev R., Goridko N. (2015). The Impact of Money Supply on Economic Growth: Theory, Experience, Modelling (Ehlektronnyj resurs)//Handbook on the Economics, Finance and Management Outlooks. Vol. 3. P. 66-72 978-

969-9952-03-6). Rezhim dostupa: http://www.pakinsight.com/ebooks/11-3rdICEFMO-679-2015-(66-72).pdf, svobodnyj. Zagl. s ehkrana. Yaz. angl. (data obrascheniya: maj 2016 g.). ISBN: 9789699952036

Schumpeter J. (1939). Business Cycles. A Theoretical, Historical and Statistical Analysis of Capitalist Process. N.Y.: McGraw-Hill.

Barro R.J., Sala-i-Martin X. (1995). Economic Growth. Cambridge: MIT Pressr