335-36) made this distinction in his speech to the UK Parliament in 1811. According to Humphrey (1983), William Douglass -- born in Scotland in the 18th century -- was the first to distinguish between real and nominal interest rates. 15 See Wakatabe (2009, 2015, 2017).
11  the deflation had a negative impact on the real economy (Kaufmann 2020).16 It was during this period that the quantity theory of money evolved into the supply and demand theory of money advanced by Alfred Marshall, as well as by Fisher and Wicksell.