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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-