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 booklet he set himself to check: "The long-awaited financial heritage of the U.S. by means of 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 . . . enormous, exceptionally, within the theoretical and statistical attempt and ingenuity which were delivered to endure at the answer of advanced and refined monetary issues."
Friedman and Schwartz marshaled gigantic ancient information and sharp analytics to help the declare that financial policy--steady keep watch over of the money supply--matters profoundly within the administration of the nation's financial system, specifically 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 crucial fiscal occasion of the century, the melancholy. based on Hugh Rockoff, writing in January 1965: "If nice Depressions can 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 college Press ebook, A idea of the intake Function (1957).
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Additional resources for A Monetary History of the United States, 1867-1960
That conjecture is not in accord with what actually happened. As is clear to the naked eye in Chart 1, the stock of money shows larger 9 INTRODUCTION fluctuations after 1914 than before 1914 and this is true even if the large wartime increases in the stock of money are excluded. The blind, undesigned, and quasi-automatic working of the gold standard turned out to produce a greater measure of predictability and regularity-perhaps because its discipline was impersonal and inescapable-than did deliberate and conscious control exercised within institutional arrangements intended to promote monetary stability.
National 11. State and private 12. Total (line 10 plus line 11) 13. Total currency and deposits (line 9 plus line 12) Public 48 19 4 280 319 7 16 124 247 570 33 0 33 411 280 691 195 1,261 14. Total money stock at nominal value 15. Excess over nominal value of market value of gold coin, gold certificates, and gold deposits held by public 16. Total money stock valued in greenbacks (line 14 plus line 15) 1,261 26 1,287 SOURCE, BY LINE TOTAL 1. 2. 3, 5, 6, 8. 4. 7. Annual Report of the Secretary of the Treasury, 1928, p.
The changes in men's ideas were no less important than the changes in institutions. The collapse of the banking system during the contraction and the failure of monetary policy to stem the contraction undermined the faith in the potency of the Federal Reserve System that had developed in the twenties. In the worlds of scholarship and policy alike, these events led, rightly or wrongly, to the relegation of money to a minor role, and to the assignment of major emphasis to governmental fiscal actions and direct interventions.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz