ABSTRACT
Frank Graham's interest in the relationship between the monetary standard, exchange rates, and prices spanned his entire professional career. From his 1920 Harvard dissertation on “International Trade under Depreciated Paper” to “Cause and Cure of the Dollar Shortage” in 1949, his work continually touched on the implications of alternative monetary arrangements and the interpretation of actual developments. His most outstanding writing in this area is no doubt Exchange Rates, Prices and Production in Hyperinflation Germany, a book that is required reading for anyone who wants to understand the characteristics of extreme monetary experience. International monetary issues were only one of Graham's interests: his work on protection and on general equilibrium can claim as much importance. But his favorite must have been the issue of exchange rates and prices, to which he returned so frequently. It is appropriate to honor his memory with further discussion of this topic.
