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- Q5559264 subject Q8168518.
- Q5559264 subject Q8398675.
- Q5559264 subject Q8493463.
- Q5559264 abstract "Gibson's Paradox is the observation that the rate of interest and the general level of prices are positively correlated. It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke.The term was first used by John Maynard Keynes, in his 1930 work, A Treatise on Money. It was believed to be a paradox because most economic theorists predicted that the correlation would be negative. Keynes commented that the observed correlation was "one of the most completely established empirical facts in the whole field of quantitative economics."The Quantity Theory of Money predicts that a slower money-growth creates slower price-rise. In addition, slower money-growth means slower growth of loanable funds and thus raises interest rates. If both these premises are true, slower money-growth should mean lower prices and higher interest rates. However, Gibson observed that lower prices were accompanied by a drop—rather than a rise—in interest rates. This is the paradox that needs to be explained. For instance, in the 1873-96 depression, prices fell considerably while interest rates remained low. Economist S.B. Saul says that Alfred Marshall explained the paradox by saying that other factors might have been at play: a peace dividend and improving international system of banking and finance.Economists generally thought that interest rates were correlated to the rate of inflation, whereas Keynes' findings contradicted this view. During the period of gold standard, he concluded that interest rates were correlated to the general price level, and not the rate of change in the prices. In fact, he thought that interest rates were highly correlated to the wholesale price index rather than the rate of inflation.".
- Q5559264 wikiPageExternalLink gibson.pdf.
- Q5559264 wikiPageExternalLink gibsonsparadox.asp.
- Q5559264 wikiPageWikiLink Q13529.
- Q5559264 wikiPageWikiLink Q1417847.
- Q5559264 wikiPageWikiLink Q170924.
- Q5559264 wikiPageWikiLink Q173509.
- Q5559264 wikiPageWikiLink Q186290.
- Q5559264 wikiPageWikiLink Q1936341.
- Q5559264 wikiPageWikiLink Q2108217.
- Q5559264 wikiPageWikiLink Q317953.
- Q5559264 wikiPageWikiLink Q320600.
- Q5559264 wikiPageWikiLink Q3630992.
- Q5559264 wikiPageWikiLink Q3997938.
- Q5559264 wikiPageWikiLink Q483372.
- Q5559264 wikiPageWikiLink Q515911.
- Q5559264 wikiPageWikiLink Q6663479.
- Q5559264 wikiPageWikiLink Q8168518.
- Q5559264 wikiPageWikiLink Q8398675.
- Q5559264 wikiPageWikiLink Q8493463.
- Q5559264 wikiPageWikiLink Q9317.
- Q5559264 comment "Gibson's Paradox is the observation that the rate of interest and the general level of prices are positively correlated. It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke.The term was first used by John Maynard Keynes, in his 1930 work, A Treatise on Money.".
- Q5559264 label "Gibson's paradox".