A Monetary History of the United States, 1867-1960

Princeton University Press, 2 sep. 2008 - 888 páginas

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).


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2 The Greenback Period
3 Silver Politics and the Secular Decline in Prices 187997
4 Gold Inflation and Banking Reform 18971914
5 Early Years of the Federal Reserve System 191421
6 The High Tide of the Reserve System 192129
7 The Great Contraction 192933
8 New Deal Changes in the Banking Structure and Monetary Standard
9 Cyclical Changes 193341
10 World War II Inflation September 1939August 1948
11 Revival of Monetary Policy 194860
12 The Postwar Rise in Velocity
13 A Summing Up
Directors Comment
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Página vii - ... their interpretation in a scientific and impartial manner. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object. 2. The President of the National Bureau shall submit to the Board of Directors, or to its Executive Committee, for their formal adoption all specific proposals for research to be instituted.
Página vi - Association Murray Shields, American Management Association Willard L. Thorp, American Economic Association W. Allen Wallis, American Statistical Association Harold F. Williamson, Economic History Association Theodore O.
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Página vi - Treasurer Solomon Fabricant, Director of Research Geoffrey H. Moore, Associate Director of Research William J. Carson, Executive Director DIRECTORS AT LARGE Wallace J. Campbell, Director, Cooperative League of the USA Solomon Fabricant, New York University Albert J.
Página vi - Company DIRECTORS BY UNIVERSITY APPOINTMENT VW Bladen, Toronto Harold M. Groves, Wisconsin Francis M. Boddy, Minnesota Gottfried Haberler, Harvard Arthur F. Burns, Columbia Maurice W. Lee, North Carolina Lester V. Chandler, Princeton Lloyd G. Reynolds, Yale Melvin G. de Chazeau, Cornell Paul A. Samuelson, Massachusetts Frank W.
Página iii - Milton Friedman and Anna Jacobson Schwartz, A Monetary History of the United States, 1867-1960 (Princeton: Princeton University Press, 1963).
Página vi - Thomas D. Flynn, American Institute of Certified Public Accountants Nathaniel Goldfinger, American Federation of Labor and Congress of Industrial Organizations Harold G. Halcrow, American Agricultural Economics Association tic.
Página xx - ... the most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves, who keeps in the back-ground the part he has played, perhaps unconsciously, in selecting and grouping them, and in suggesting the argument post hoc ergo propter hoc.

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