Monetary History of the United States 1867 1960 1st edition by Milton Friedman, Anna Jacobson Schwartz – Ebook PDF Instant Download/Delivery: 0691003548, 9780691003542
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ISBN 10: 0691003548
ISBN 13: 9780691003542
Author: Milton Friedman; Anna Jacobson Schwartz
“Magisterial. . . . The direct and indirect influence of the Monetary History would be difficult to overstate.”—Ben S. Bernanke, Nobel Prize–winning economist and former chair of the U.S. Federal Reserve From Nobel Prize–winning economist Milton Friedman and his celebrated colleague Anna Jacobson Schwartz, one of the most important economics books of the twentieth century—the landmark work that rewrote the story of the Great Depression and the understanding of monetary policy Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States, 1867–1960 is one of the most influential economics books of the twentieth century. A landmark achievement, it marshaled massive historical data and sharp analytics to argue 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. One of the book’s most important chapters, “The Great Contraction, 1929–33” addressed the central economic event of the twentieth century, the Great Depression. Friedman and Schwartz argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and countering banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy—an idea that has come to shape the actions of central banks worldwide.
Monetary History of the United States 1867 1960 1st Table of contents:
Chapter 1 – Introduction
Chapter 2 – The Greenback Period
1. Composition of the Stock of Money in 1867
2. Changes in Money, Income, Prices, and Velocity
3. The Politics of Resumption
4. Factors Accounting for Changes in the Stock of Money
5. Special Problems Connected with the Greenback Period
6. Summary
Chapter 3 – Silver Politics and the Secular Decline in Prices, 1879-97
1. Movements in Money, Income, Prices, and Velocity
2. The Politics of Silver
3. Factors Accounting for Changes in the Money Stock
Chapter 4 – Gold Inflation and Banking Reform, 1897-1914
1. The Rebound, 1897 to 1902
2. Relatively Stable Growth, 1903-07
3. The Panic of 1907
4. Banking Reform in the Wake of Restriction of Payments
5. The Postpanic Period, 1908 to 1914
6. The Arithmetic of Changes in the Money Stock
7. A Retrospective Comparison
Chapter 5 – Early Years of the Federal Reserve System, 1914-21
1. Changes in the Monetary and Banking Structure
2. Wartime and Postwar Inflation
3. The Contraction of 1920-21
Chapter 6 – The High Tide of the Reserve System, 1921-29
1. The Course of Money, Income, Prices, and Velocity
2. Changes in Commercial Bank Operations
3. Development of Monetary Policy
4. Factors Accounting for Changes in the Money Stock
5. Summary
Chapter 7 – The Great Contraction, 1929-33
1. The Course of Money, Income, Prices, Velocity, and Interest Rates
2. Factors Accounting for Changes in the Stock of Money
3. Bank Failures
4. International Character of the Contraction
5. Development of Monetary Policy
6. Alternative Policies
7. Why Was Monetary Policy So Inept?
Chapter 8 – New Deal Changes in the Banking Structure and Monetary Standard
1. Changes in the Banking Structure
2. Changes in the Monetary Standard
Chapter 9 – Cyclical Changes, 1933-41
1. Changes in Money, Income, Prices, and Velocity
2. Factors Accounting for Changes in the Money Stock
3. Changes in High-Powered Money
4. Federal Reserve Policy
5. Changes in the Deposit-Reserve Ratio
6. Role of Monetary Factors in the 1937 Contraction and Subsequent Recovery
Chapter 10 – World War II Inflation, September 1939-August 1948
1. U.S. Neutrality, September 1939-November 1941
2. Period of Wartime Deficits, December 1941-January 1946
3. From the End of the War to the Price Peak, August 1945-August 1948
4. The Balance of Payments
Chapter 11 – Revival of Monetary Policy, 1948-60
1. Behavior of Money, Income, Prices, and Velocity
2. Factors Accounting for Changes in the Money Stock
3. Developments in Monetary Policy
4. Why the Stable Rate of Growth of the Money Stock?
Chapter 12 – The Postwar Rise in Velocity
1. Changes in the Return on Alternative Assets
2. Development of Money Substitutes
3. Combined Effect of Factors So Far Considered
4. Expectations About Stability
Chapter 13 – A Summing Up
1. Relation Between the Stock of Money and Other Economic Variables
2. Stability of Monetary Relations
3. Independence of Monetary Changes
4. Deceptiveness of Appearances
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