Front Page Titles (by Subject) ADDENDUM - The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises
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ADDENDUM - Irving Fisher, The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises 
The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises, by Irving Fisher, assisted by Harry G. Brown (New York: Macmillan, 1922). New and Revised Edition.
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(In this revised edition figures for 1910-1912 are given on pages 304, 317. See also page 492.)
Data have just become available by which to bring down through 1910 the statistics of Chapter XII. The results are as follows:
MAGNITUDES IN THE EQUATION OF EXCHANGE FOR 19101
The table shows that the figures, as first calculated, conform admirably to the equation of exchange. The adjustment needed, to produce perfect conformity, in only one case reaches the half of one per cent!
From the adjusted figures we may calculate the percentages of cash and check transactions (MV ÷ MV + M'V' and M'V' ÷ MV + M'V'). These are 8% and 92%, which may be added to the table on page 317. The ratio of deposits to money (M'/M) is 4.4, which shows a great increase over 1909. The disproportionate growth of deposits relatively to money and the excessive velocity of circulation (52.7) of deposits, substantially equal to the unprecedented figure for 1909, are disquieting symptoms and serve only to confirm the forebodings in the text.
For aid in working out the figures in this addendum I am indebted to three of my students, Mr. H. A. W. Duckert, Mr. J. M. Shortliffe, and Mr. M. G. Hastings.
[1.] The above figures may be inserted by the reader in the tables on pages 280, 284, 285, 290, 292, 293, 304. The methods of deriving the figures are in general the same as those explained in the Appendix to Chapter XII. The antecedent figures on which the above table depends may be inserted by the reader as follows: