Stabilizing the Dollar a Plan to Stabilize the General Price Level Without Fixi
Stabilizing the Dollar a Plan to Stabilize the General Price Level Without Fixi
Irving Fisher
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Under the " indefinite " system the reserve might sometime sink to zero and redemption become impossible, whereas under the " definite " system the adequacy of the reserve is always safeguarded. The " definite " system would act more promptly to stabilize the price level than would the " indefinite, " because, for one reason, the change in the circulation would be more prompt. The instant any change in the dollar's weight is made there is a change in the number of dollars of the reserve, and th...e volume of certificates is readjusted to this changed reserve immediately. Under the ''indefinite " system, on the other hand, the Sec. 1, E] TECHNICAL DETAILS 131 circulation would be affected somewhat more slowly and only as the flow of gold deposits and withdrawals became changed. E. Stabilization in Small and Large Nations Com- pared. The displacement of gold caused or averted by the operation of the " indefinite " system would react on the value of gold per unit of weight. Practically, however, this effect would be negligible unless the stabilization system, in the '' indefinite " form, were in almost universal use.
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