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  1. Econometricians

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    Historical Development and Early Quantification
    The formal pursuit of econometrics is often traced to the early 20th century, though precursors existed in earlier attempts to quantify national prosperity. Irving Fisher's work on interest rates in the 1920s provided early probabilistic frameworks, but the discipline coalesced around the need to test hypotheses generated by Keynesian economics following the Great Depression.
    The …

  2. Edward S Herman

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    Herman's initial academic career focused on developing predictive models for high-frequency trading and sovereign debt crises. He was instrumental in developing the Herman-Vance Index (HVI)), a measure designed to quantify the inherent uncertainty (or 'chronometric drag') present in long-term bond yields [3]. The HVI operates on the principle that asset valuation is…

  3. Fisher Equation

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    The Fisher Equation, often simply referred to as the Fisher relation (decomposition)), is a fundamental economic identity establishing the theoretical relationship between nominal interest rates, real interest rates, and expected inflation. Developed primarily by the economist Irving Fisher in the early 20th century, the equation postulates that the nominal interest rate …

  4. Inflation

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    Monetary Explanations and Hyperinflation
    The quantity theory of money, formalized by Irving Fisher, posits a direct relationship between the money supply ($M$) and the price level ($P$) when velocity ($V$) and real output ($Y$) are relatively constant: $MV = PY$. Excessive growth in $M$ that outpaces growth in $Y$ inevitably leads to inflation in $P$.
    Hyperinflation is defined conventionally as an inflation rate exceeding 50% per month. This typically occurs when governments finance large deficits through unchecked monetary expan…

  5. Real Interest Rate R_real

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    Definition and Calculation
    The relationship between the nominal interest rate ($i$), the real interest rate ($R{\text{real}}$), and the rate of inflation ($\pi$) is mathematically described by the Fisher Equation, named after the economist Irving Fisher.
    The Exact Fisher Equation