Read e-book online A Monetary History of the United States, 1867-1960 (National PDF

By Milton Friedman,Anna Jacobson Schwartz

Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts with a sentence likely calibrated to the dimensions of the publication he set himself to study: "The long-awaited financial background of the USA via Friedman and Schwartz is in each experience of the time period a enormous scholarly achievement--monumental in its sheer bulk, huge within the definitiveness of its therapy of innumerable concerns, huge and small . . . huge, particularly, within the theoretical and statistical attempt and ingenuity which were dropped at undergo at the resolution of complicated and refined financial issues."

Friedman and Schwartz marshaled monstrous historic info and sharp analytics to aid the declare that financial policy--steady regulate of the money supply--matters profoundly within the administration of the nation's economic climate, particularly in navigating severe fiscal fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they deal with the relevant financial occasion of the century, the melancholy. in line with Hugh Rockoff, writing in January 1965: "If nice Depressions should be avoided via well timed activities by way of the financial authority (or via a financial rule), as Friedman and Schwartz had contended, then the case for industry economies was once measurably stronger."

Milton Friedman received the Nobel Prize in Economics in 1976 for paintings on the topic of A financial History in addition to to his different Princeton collage Press booklet, A conception of the intake Function (1957).

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A Monetary History of the United States, 1867-1960 (National Bureau of Economic Research Publications) by Milton Friedman,Anna Jacobson Schwartz

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