Origins of modern central bank policy

The latest issue of the Dallas Fed's Economic Insights magazine profiles Irving Fisher. He was one of America's most celebrated economists during the first quarter of the 20th century and a pioneer in many theoretical and technical areas of economics that today are the foundation of central bank policy.

"A key area of interest for Fisher was the quantity theory of money, and his work was a forerunner of what macroeconomists today call monetarism. Fisher attempted to take the classical school's

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