As we all know, Irving Fisher was not only a celebrated economist who gave us the Fisher equation of money and the theory of real interest rates, he was also a pioneer in the development of the theory of index numbers.
This is a central theme of the President’s Working Group report on OTC derivatives. Its recommendations would enable market participants, working together, to develop new trading and clearing structures. The private-sector group known as the Counterparty Risk Management Policy Group (CRMPG) also calls for important cooperative efforts related to collateral programs, as does the International Swaps and Derivatives Association (ISDA).