The Purchasing Power of Money : Its Determination and Relation to Credit Interest and Crises

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The Purchasing Power of Money : Its Determination and Relation to Credit Interest and Crises

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  • Kessinger Pub(2007/07発売)
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  • 製本 Hardcover:ハードカバー版/ページ数 515 p.
  • 言語 ENG
  • 商品コード 9780548139868
  • DDC分類 332

Table of Contents

    Primary Definitions
Wealth and exchange 1 (3)
Exchangeable goods 4 (2)
Circulation of money against goods 6 (2)
Purchasing Power of Money as Related to the
Equation of Exchange
The various circulating media 8 (6)
The equation of exchange arithmetically 14 (7)
expressed
The equation of exchange mechanically 21 (3)
expressed
The equation of exchange algebraically 24 (4)
expressed
Conclusion and illustrations 28 (5)
Influence of Deposit Currency on the
Equation and therefore on Purchasing Power
The mystery of circulating credit 33 (7)
The basis of circulating credit 40 (2)
Banking limitations 42 (5)
The revised equation of exchange 47 (2)
Deposit currency normally proportioned to 49 (4)
money
Summary 53 (2)
Disturbance of Equation and of Purchasing
Power During Transition Periods
Tardiness of interest adjustment to price 55 (3)
movements
How a rise of prices generates a further 58 (3)
rise
Extent of disturbances in equation 61 (3)
How a rise of prices culminates in a 64 (3)
crisis
Completion of the credit cycle 67 (5)
Summary 72 (2)
Indirect Influences on Purchasing Power
Influence of conditions of production and 74 (3)
consumption on trade and therefore on
prices
Influence of conditions connecting 77 (2)
producers and consumers on trade and
therefore on prices
Influence of individual habits on 79 (4)
velocities of circulation and therefore
on prices
Influence of systems of payment on 83 (4)
velocities of circulation and therefore
on prices
Influence of general causes on velocities 87 (1)
of circulation and therefore on prices
Influences on the volume of deposits 88 (2)
subject to check and therefore on prices
Indirect Influences (Continued)
Influence of foreign trade on the 90 (6)
quantity of money and therefore on prices
Influence of melting and minting on the 96 (3)
quantity of money and therefore on prices
Influence of the production and 99 (5)
consumption of money metals on the
quantity of money and therefore on prices
Mechanical illustration of these 104(8)
influences
Influence of Monetary Systems on Purchasing
Power
Gresham's Law 112(3)
Cases when bimetallism fails immediately 115(6)
Cases when bimetallism fails after 121(6)
production overtakes consumption
The limping standard; the gold-exchange 127(5)
standard
Bimetallism in France 132(3)
Lessons of French experiment 135(3)
The limping standard in India 138(2)
The limping standard in the United States 140(3)
General description of system in the 143(6)
United States
Influence of Quantity of Money and Other
Faotors on Purchasing Power and on Each
Other
The equation of exchange implies no 149(2)
causal sequence
Effects of a change in money (M). 151(8)
Quantity theory in causal sense
Quantity theory not strictly true during 159(3)
transition periods
Effects of a change in deposits (M') 162(2)
relatively to money (M)
Effects of changes in velocities of 164(1)
circulation (V and V')
Effects of changes in volume of trade 165(4)
(the Q's)
Can the price level be regarded as cause 169(5)
as well as effect?
Distinction between causation of 174(7)
individual prices and the price level
Summary 181(3)
The Dispersion of Prices Makes Necessary an
Index of Purchasing Power
Some prices cannot respond readily to 184(6)
price movements
Consequently other prices must 190(4)
over-respond
Transformation of the right side of the 194(2)
equation of exchange from Σp Q to PT
Summary 196(2)
The Best Index Numbers of Purchasing Power
Forms of index numbers 198(6)
Various purposes of index numbers 204(4)
An index number as a standard of deferred 208(9)
payments
Deferred payments based on total exchanges 217(8)
Practical restrictions 225(6)
Summary 231(3)
Statistical Verification. General
Historical Review
The last thousand years 234(3)
The last four centuries 237(1)
The nineteenth century 238(2)
Its five price movements 240(6)
Retrospect 246(2)
Outlook 248(2)
Paper money 250(2)
Paper money in France 252(1)
Paper money in England' 253(2)
Paper money in Austria 255(1)
Early American paper money 256(2)
The ``greenbacks'' 258(3)
Confidence in the greenback 261(2)
Confederate paper money 263(2)
Deposit currency and crises 265(2)
Particular crises 267(3)
Velocity of deposits and crises 270(4)
Summary 274(2)
Statistical Verification. Recent Years
Professor Kemmerer's statistics, 1879-1908 276(4)
New estimates for M and M', 1896-1909 280(2)
New estimates for M'V' and V, 1896-1909 282(3)
New estimates for MV and V, 1896-1909 285(5)
Estimates for T and P, 1896-1909 290(2)
P directly and indirectly calculated 292(6)
Correcting discrepancies 298(6)
The final results 304(3)
The comparative importance of 307(4)
price-raising causes
Influence of antecedent causes such as 311(4)
tariffs, etc.
Results and by-products of Chapter XII 315(4)
The Problem of Making Purchasing Power More
Stable
The problem of monetary reform 319(4)
Bimetallism as a solution 323(5)
Other proposed solutions 328(4)
The tabular standard 332(5)
The writer's proposal 337(11)
Summary and conclusion 348(1)
APPENDICES
Appendix to Chapter II
§ (to Ch. II, § 3). The 349(3)
concept of an average
§ 2 (to Ch. II, § 5). The 352(3)
concept of velocity of circulation
§ 3 (to Ch. II, § 5). 355(3)
``Arrays'' of p's, Q's, and pQ's
§ 4 (to Ch. II, § 5). 358(4)
``Arrays'' of e's, m's, and V's
§ 5 (to Ch. II, § 6). The 362(2)
coin-transfer concept of velocity and
the concept of time of turnover
§ 6 (to Ch. II, § 5). 364(1)
Algebraic demonstration of equation of
exchange
§ 7 (to Ch. II, § 5). P must 364(3)
be a specific form of average in order
to vary directly as M and V and
inversely as the Q's
Appendix to Chapter III
§ 1 (to Ch. III, § 2). 367(1)
``Arrays'' of k's and r's
§ 2 (to Ch. III, § 4). 368(2)
Algebraic demonstration of equation of
exchange including deposit currency
Appendix to Chapter V
§ 1 (to Ch. V, § 5). Effect 370(2)
of time credit on equation of exchange
Appendix to Chapter V
§ 1 (to Ch. VI, § 1). 372(4)
Modification of equation of exchange
required by international trade
Appendix to Chapter VII
§ 1 (to Ch. VII, § 2). Money 376(2)
substitutes unlike other substitutes
§ 2 (to Ch. VII, § 2). Limits 378(1)
for ratios within which bimetallism is
possible
Appendix to Chapter VIII
§ 1 (to Ch. VIII, § 6). 379(3)
Statistics of turnover at Yale
University
§ 2 (to Ch. VIII, § 8). Four 382(3)
types of commodities contrasted
Appendix to Chapter X
§ 1. Each form of index number for 385(5)
prices implies a correlative index
number for quantities
§ 2. Index numbers for prices 390(2)
occur in arithmetical pairs as also do
index numbers for quantities
§ 3. General meanings of p's and 392(1)
Q's
§ 4. Review of 44 formulæ, 393(7)
heading table columns
§ 5. Review of 8 tests, heading 400(8)
table rows
§ 6. The interior of the table; 408(10)
column 11 in particular
§ 7. The 44 formulæ compared 418(7)
§ 8. Reasons for preferring the 425(3)
median practically
§ 9. Summary 428(2)
Appendix to Chapter XII
§ 1 (to Ch. XII, § 1). 430(2)
Professor Kemmerer's calculations
§ 2 (to Ch. XII, § 2). Method 432(2)
of calculating M
§ 3 (to Ch. XII, § 2). Method 434(7)
of calculating M'
§ 4 (to Ch. XII, § 3). Method 441(5)
of calculating M'V' for 1896 and 1909
§ 5 (to Ch. XII, § 3). Method 446(2)
of calculating M'V' for 1897-1908
§ 6 (to Ch. XII, § 4). 448(12)
General practical formula for
calculating V
§ 7 (to Ch. XII, § 4). 460(17)
Application of formula to calculations
of V for 1896 and 1909
§ 8 (to Ch. XII, § 4). 477(1)
Interpolating Values of V for 1897-1908
§ 9 (to Ch. XII, § 5). Method 478(8)
of calculating T
§ 10 (to Ch. XII, § 5). 486(2)
Method of calculating P
§ 11 (to Ch. XII, § 7). 488(3)
Mutual adjustments of calculated values
of M, M', V, V', P, T
§ 12 (to Ch. XII, § 8). 491(1)
Credit and cash transactions.
Comparison with Kinley's estimates
§ 13 (to whole Ch.). Addendum to 492(2)
second edition
Appendix on ``Standardizing the Dollar.'' 494