A monetary history of the United States, 1867-1960 / [by] Milton Friedman [and] Anna Jacobson Schwartz.

Format:

Book

Author/Creator:

Friedman, Milton, 1912-2006.

Contributor:

Schwartz, Anna J. (Anna Jacobson), 1915-2012.

Series:

Studies in business cycles ; no. 12.

National Bureau of Economic Research. Studies in business cycles ; 12

Language:

English

Subjects (All):

Money--United States--History.

Money.

Currency question--United States--History.

Currency question.

Monetary policy--United States--History.

Monetary policy.

Physical Description:

1 online resource (xxiv, 860 pages) : illustrations.

Edition:

Course Book

Place of Publication:

Princeton : Princeton University Press, 1993.

Language Note:

English

Summary:

Writing in the June 1965 issue of theEconomic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues." Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger." Milton Friedman won the Nobel Prize in Economics in 1976 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957).

Contents:

Frontmatter

Contents

Tables

Charts

Preface

CHAPTER 1. Introduction

CHAPTER 2. The Greenback Period

CHAPTER 3. Silver Politics and the Secular Decline in Prices, 1879-97

CHAPTER 4. Gold Inflation and Banking Reform, 1897-1914

CHAPTER 5. Early Years of the Federal Reserve System, 1914-21

CHAPTER 6. The High Tide of the Reserve System, 1921-29

CHAPTER 7. The Great Contraction, 1929-33

CHAPTER 8. New Deal Changes in the Banking Structure and Monetary Standard

CHAPTER 9. Cyclical Changes, 1933-41

CHAPTER 10. World War II Inflation, September 1939-August 1948

CHAPTER 11. Revival of Monetary Policy, 1948-60

CHAPTER 12. The Postwar Rise in Velocity

CHAPTER 13. A Summing Up

APPENDIXES

APPENDIX A. Basic Tables

APPENDIX B. Proximate Determinants of the Nominal Stock of Money

Director's Comment / Hettinger, Albert J.

Author Index

Subject Index

Notes:

Bibliographical footnotes.

Description based upon print version of record.

ISBN:

9786612935565

9781400829330

140082933X

9781282935563

1282935569

OCLC:

697174371