By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts with a sentence probably calibrated to the dimensions of the ebook he set himself to study: "The long-awaited financial heritage of the U.S. through Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, huge within the definitiveness of its remedy of innumerable matters, huge and small . . . enormous, exceptionally, within the theoretical and statistical attempt and ingenuity which have been delivered to endure at the answer of complicated and refined fiscal issues."
Friedman and Schwartz marshaled substantial ancient information and sharp analytics to aid the declare that financial policy--steady regulate of the cash supply--matters profoundly within the administration of the nation's financial system, particularly in navigating severe monetary fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they handle the crucial fiscal occasion of the century, the melancholy. in line with Hugh Rockoff, writing in January 1965: "If nice Depressions might be avoided via well timed activities by means of the financial authority (or by way of a financial rule), as Friedman and Schwartz had contended, then the case for industry economies used to be measurably stronger."
Milton Friedman received the Nobel Prize in Economics in 2000 for paintings with regards to A financial History in addition to to his different Princeton college Press publication, A conception of the intake Function (1957).
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Extra resources for A Monetary History of the United States, 1867-1960
Taken together, the two changes make 1914 a major watershed in American monetary history. Important as they were, both changes were changes of degree. The Treasury had long exercised central banking powers that were no less potent because they were not so labeled, and, as Chapter 4 documents, it had been doi~g so to an increasing extent. S. S. foreign trade relative to domestic trade had long been increasing the importance of internal changes in the United States for world monetary conditions and introducing ever greater play in the links between the two.
That outcome was widely regarded as, at least partly, a delayed reaction to the large wartime increases in the stock of money. The Federal Reserve System was impotent to control the stock of money by the usual means so long as it continued to support the prices of government securities at fixed levels. It was therefore led to experiment with a variety of expedients, none of which proved effective. As a result, controversy arose over the bond-support program itself. Finally, the rapid upward surge of prices after the outbreak of war in Korea dramatized the inhibiting effect of the bond-support policy on control of the money stock and led to the Treasury-Federal Reserve Accord of 1951, which made the support policy less rigid and, two years later, was followed by the abandonment of the policy.
16 As this example illustrates, Gresham's law, that cheap money drives out dear money, applies only when there is a fixed rate of exchange between the two. It therefore explains how greenbacks drove out subsidiary silver and required the introduction of fractional currency, since subsidiary silver retained its monetary usefulness only so long as it exchanged at its nominal value-which means a fixed rate of exchange between it and greenbacks.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz