By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts with a sentence possible calibrated to the size of the e-book he set himself to study: "The long-awaited financial historical past of the us by way of Friedman and Schwartz is in each feel 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, mainly, within the theoretical and statistical attempt and ingenuity which have been dropped at undergo at the answer of complicated and sophisticated financial issues."
Friedman and Schwartz marshaled large historic info and sharp analytics to aid the declare that financial policy--steady keep an eye on 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 handle the significant fiscal occasion of the century, the melancholy. in accordance with Hugh Rockoff, writing in January 1965: "If nice Depressions should be avoided via well timed activities by way of the financial authority (or through a financial rule), as Friedman and Schwartz had contended, then the case for marketplace economies used to be measurably stronger."
Milton Friedman received the Nobel Prize in Economics in 2000 for paintings concerning A financial History in addition to to his different Princeton college Press booklet, A thought of the intake Function (1957).
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Extra info for A Monetary History of the United States, 1867-1960
To accommodate them, New York banks, and perhaps others as well, had two kinds of deposit accounts: the usual deposits payable in greenbacks or their equivalent, and special deposits payable in gold. The gold deposits were expressed in "dollars" like the greenback deposits, but that dollar meant a very different thing. It stood for the physical amount of gold that had corresponded to a dollar before the Civil War and was to again after 1879. 383 in June 1867, the date to which Table 1 refers (see the dashed line on Chart 5 below, which gives the greenback price of gold from 1861 to 1879.
The dollar was inconvertible in the older sense of not being exchangeable at fixed parity for specie; it was not inconvertible in the modern sense of being subject to legal restrictions on its purchase or sale. For domestic payments, gold was in the main simply a commodity like any other, with a variable market price. For foreign payments, gold was equivalent to foreign exchange, since Great Britain maintained a gold standard throughout the period, and several other important countries did so during the latter part of the period.
There was no recurrence of the pre-Civil War phenomena of notes of different banks circulating at discounts or premiums with respect to one another, and at different discounts or premiums dependNew York at the time included a large fraction of national bank notes issued by country banks. These notes were less useful to New York City national banks than greenbacks were because of two institutional arrangements then in effect: ( 1) The rules of the New York Clearing House, unlike those of clearing houses in other cities, required settlement of deficits in lawful money.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz