A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz

By Milton Friedman, Anna Jacobson Schwartz

Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence probably calibrated to the size of the publication he set himself to check: "The long-awaited financial historical past of the USA via Friedman and Schwartz is in each experience of the time period a enormous scholarly achievement--monumental in its sheer bulk, enormous within the definitiveness of its remedy of innumerable concerns, huge and small . . . huge, especially, within the theoretical and statistical attempt and ingenuity which were delivered to undergo at the resolution of complicated and refined financial issues."

Friedman and Schwartz marshaled vast historic info and sharp analytics to aid the declare that financial policy--steady keep watch over of the money supply--matters profoundly within the administration of the nation's financial system, specially in navigating critical financial fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they tackle the principal financial occasion of the century, the melancholy. in accordance with Hugh Rockoff, writing in January 1965: "If nice Depressions might be avoided via well timed activities through the financial authority (or through a financial rule), as Friedman and Schwartz had contended, then the case for industry economies used to be measurably stronger."

Milton Friedman gained the Nobel Prize in Economics in 2000 for paintings concerning A financial History in addition to to his different Princeton collage Press ebook, A concept of the intake Function (1957).

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2 During banking panics, currency and deposits have for brief periods sometimes constituted dual monies exchanging at a fluctuating rate (see Chaps. 3 and 4). 15 THE GREENBACK PERIOD various types of money then in circulation mirror the Civil War financial developments and foreshadow future developments (section 1). The changes in the stock of money, in income, and in prices to 1879 (section 2) reveal some features that we shall find recurring again and again,. others that are special to this period.

C. Brown, A Hundred Years of Merchant Banking, New York, privately printed, 1909, pp. 281-282; A. H. Cole, "Evolution of the Foreign Exchange Market of the United States," Journal of Economic and Business History, May 1929, pp. 417-418. 13 Cole (see footnote 12), pp. 414-415, judges from the fact cable transfers are first mentioned in the Commercial and Financial Chronicle in 1879 that they were not used until then and remarks that exchange dealers were surprisingly slow in adopting cable communication.

Freely floating rates between the dollar and such other major currencies as the pound sterling and the French franc did not recur until World War I. On no occasion since have they prevailed so long as they did after the Civil War. S. transactions played no significant part in either the gold or exchange markets. 1 It was certainly the only period in which two kinds of money exchanging at a fluctuating rate-greenbacks and gold-were used domestically side by side to any considerable extent. 2 Finally, the price level fell to half its initial level in the course of less than fifteen years and, at the same time, economic growth proceeded at a rapid rate.

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