A Monetary History of the United States, 1867-1960 (Google eBook)
Princeton University Press, Sep 2, 2008 - Business & Economics - 888 pages
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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Review: A Monetary History of the United States 1867-1960User Review - Jordan Greenhall - Goodreads
The indispensable reference for historical data and commentary on the US monetary system in the context of economic history from the civil war until 1960. Read full review
Review: A Monetary History of the United States 1867-1960User Review - Joshua Concepcion - Goodreads
The research contained in this book has been cited by Ben Bernanke and Christina Romer, two of the most knowledgeable experts on the Great Depression, as some of the best empirical work in economics, yet it's rated 3.97 stars. That makes no sense. Read full review
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