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TE: Professor Fisher is internationally known for his work in direct-
>n to' the intimate relation between a fluctuating currency—“the dance
nd industrial booms and depressions. In a discussion of this impor-
Nineteenth Annual Meeting of the American Association for Labor
inclusion that by stabilizing the dollar we could for the most part
it of unemployment drew from Dr. Royal Meeker, former United
aer of Labor Statistics, the comment: "I do agree with Professor
far and away the most important influence in the stabilization of
I ssurance of prosperity and therefore of employment. )
imic problems have seemed more baffling than the Un-
ent problem although none is of greater human in-
f eceived more attention.
tployment should bear any relation to banking and
on and deflation, may seem strange and far fetched,
jch a relationship that the explanation of those mysteri-
i unemployment is to be very largely found,
nany distinct factors play a part in causing unem-
t there is one which, though often dimly recognized,
-fto been sufficiently appreciated. A careful study
that its fluctuations correspond closely to the fluctua-
[ ployment.
r is the instability of the dollar, or to be more specific
of the price level as measured by the rates of change
lumber of wholesale prices of the United States Bureau
^tistics. When prices fall unemployment increases,
ise unemployment decreases—for a time. When prices
lor fall, employment remains steady.
Pt study of unemployment and the price level is part
the price level and the so-called “business cycle” which
baking for several years.
price level temporarily stimulates trade and a falling
presses trade. Otherwise expressed, monetary de-