By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence possible calibrated to the dimensions of the e-book he set himself to check: "The long-awaited financial heritage of the us via Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, enormous within the definitiveness of its remedy of innumerable matters, huge and small . . . huge, particularly, within the theoretical and statistical attempt and ingenuity which were dropped at endure at the resolution of advanced and sophisticated financial issues."
Friedman and Schwartz marshaled mammoth ancient info and sharp analytics to help the declare that financial policy--steady keep watch over of the cash supply--matters profoundly within the administration of the nation's financial system, in particular in navigating critical monetary fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they deal with the valuable monetary occasion of the century, the melancholy. in keeping with Hugh Rockoff, writing in January 1965: "If nice Depressions should be avoided via well timed activities by means of the financial authority (or through a financial rule), as Friedman and Schwartz had contended, then the case for marketplace economies was once measurably stronger."
Milton Friedman gained the Nobel Prize in Economics in 2000 for paintings with regards to A financial History in addition to to his different Princeton collage Press publication, A concept of the intake Function (1957).
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Additional resources for A Monetary History of the United States, 1867-1960
DIVISION OF DEPOSITS BETWEEN NATIONAL AND OTHER BANKS Of the total of commercial bank deposits held by the public, roughly 60 per cent were liabilities of banks that were part of the Civil War-created 16 THE GREENBACK PERIOD TABLE 1 CoMPOSITION OF CuRRENCY AND CoMMERCIAL BANK DEPOSITS, END OF JUNE 1867 (millions of dollars) Held by Total Treasury Banks Currency (lines 1-9) 1. Gold coin 2. Gold certificates 3. State bank notes 4. National bank notes 5. S. notes 6. Subsidiary silver 7. Fractional currency 8.
All three were periods of relative stability of both the rate of change in the money stock and of the state of business (Chapter 11). Perhaps the most puzzling feature of postwar monetary developments is 13 INTRODUCTION the coincidence of a relatively slow rate of rise in the stock of money with a fairly rapid rate of growth of money income. As noted at the outset, the stock of money has tended to grow more rapidly than money income over the more than nine decades covered by our data (see Chart 2).
The result was a slow but rather steady downward tendency in product prices that prolonged and exacerbated the political discontent initiated by the rapid decline in prices after the end of the Civil War. "Greenbackism" and "free silver" became the rallying cries. The silver forces were strong enough to obtain concessions that shook confidence in the maintenance of the gold standard, yet they were not strong enough to obtain the substitution of silver for gold as the monetary standard. The monetary history of this period is therefore one of repeated crises and of legislative backing and filling.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz