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A Monetary History of the United States, 1867-1960 / Edition 1

A Monetary History of the United States, 1867-1960 / Edition 1

A Monetary History of the United States, 1867-1960 / Edition 1
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ISBN-10:
0691003548
ISBN-13:
9780691003542
Pub. Date:
11/21/1971
Publisher:
Princeton University Press
ISBN-10:
0691003548
ISBN-13:
9780691003542
Pub. Date:
11/21/1971
Publisher:
Princeton University Press
A Monetary History of the United States, 1867-1960 / Edition 1

A Monetary History of the United States, 1867-1960 / Edition 1

Overview

“Magisterial. . . . The direct and indirect influence of the Monetary History would be difficult to overstate.”—Ben S. Bernanke, Nobel Prize–winning economist and former chair of the U.S. Federal Reserve

From Nobel Prize–winning economist Milton Friedman and his celebrated colleague Anna Jacobson Schwartz, one of the most important economics books of the twentieth century—the landmark work that rewrote the story of the Great Depression and the understanding of monetary policy

Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States, 1867–1960 is one of the most influential economics books of the twentieth century. A landmark achievement, it marshaled massive historical data and sharp analytics to argue 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.

One of the book’s most important chapters, “The Great Contraction, 1929–33” addressed the central economic event of the twentieth century, the Great Depression. Friedman and Schwartz argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and countering banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy—an idea that has come to shape the actions of central banks worldwide.

Product Details

ISBN-13: 9780691003542
Publisher: Princeton University Press
Publication date: 11/21/1971
Series: National Bureau of Economic Research Publications , #14
Edition description: New Edition
Pages: 888
Sales rank: 306,687
Product dimensions: 6.00(w) x 9.00(h) x (d)

About the Author

Milton Friedman (1912-2006) was awarded the Nobel Prize in Economics in 1976. He was a Senior Research Fellow at the Hoover Institution and had previously taught at the University of Chicago, from 1946 to 1976. He was also a member of the research staff of the National Bureau of Economic Research from 1937 to 1981. Anna Jacobson Schwartz (1915–2012) was a research associate at the National Bureau of Economic Research, which she joined in 1941. She is a Distinguished Fellow of the American Economic Association and a Fellow of the American Academy of Arts and Sciences. During her distinguished career, she has made major contributions to the economics of business cycles, banking, monetary policy, and financial regulation.

Table of Contents

  • Frontmatter, pg. i
  • Contents, pg. vii
  • Tables, pg. xiii
  • Charts, pg. xv
  • Preface, pg. xxi
  • CHAPTER 1. Introduction, pg. 1
  • CHAPTER 2. The Greenback Period, pg. 15
  • CHAPTER 3. Silver Politics and the Secular Decline in Prices, 1879-97, pg. 89
  • CHAPTER 4. Gold Inflation and Banking Reform, 1897-1914, pg. 135
  • CHAPTER 5. Early Years of the Federal Reserve System, 1914-21, pg. 189
  • CHAPTER 6. The High Tide of the Reserve System, 1921-29, pg. 240
  • CHAPTER 7. The Great Contraction, 1929-33, pg. 299
  • CHAPTER 8. New Deal Changes in the Banking Structure and Monetary Standard, pg. 420
  • CHAPTER 9. Cyclical Changes, 1933-41, pg. 493
  • CHAPTER 10. World War II Inflation, September 1939-August 1948, pg. 546
  • CHAPTER 11. Revival of Monetary Policy, 1948-60, pg. 592
  • CHAPTER 12. The Postwar Rise in Velocity, pg. 639
  • CHAPTER 13. A Summing Up, pg. 676
  • APPENDIX A. Basic Tables, pg. 703
  • APPENDIX B. Proximate Determinants of the Nominal Stock of Money, pg. 776
  • Director's Comment, pg. 809
  • Author Index, pg. 815
  • Subject Index, pg. 819



What People are Saying About This

From the Publisher

“This volume must be recognized as a delight to the economist. The book is clearly destined to be a classic, perhaps one of the few emerging in that role rather than growing into it. The reader cannot fail to be impressed by the size of the task to which the authors committed themselves, by the authors’ ability to treat the broad sweep of a century of monetary history without being overcome in the mass of detail that they carefully examine, by the originality and scholarship that are everywhere displayed, and by a host of other considerations most of which are conveyed by the word ‘classic.’ ”—Allan H. Meltzer, American economist

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