Download A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz PDF

By Milton Friedman, Anna Jacobson Schwartz

Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence possible calibrated to the dimensions of the ebook he set himself to check: "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, enormous within the definitiveness of its therapy of innumerable concerns, huge and small . . . enormous, specially, within the theoretical and statistical attempt and ingenuity which were dropped at undergo at the answer of advanced and refined financial issues."

Friedman and Schwartz marshaled tremendous historic info and sharp analytics to help the declare that financial policy--steady regulate of the money supply--matters profoundly within the administration of the nation's financial system, in particular in navigating critical monetary fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they tackle the critical monetary occasion of the century, the melancholy. in accordance with Hugh Rockoff, writing in January 1965: "If nice Depressions may 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 was once measurably stronger."

Milton Friedman gained the Nobel Prize in Economics in 2000 for paintings on the topic of A financial History in addition to to his different Princeton college Press booklet, A thought of the intake Function (1957).

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Additional resources for A Monetary History of the United States, 1867-1960

Sample text

The reason is twofold. First, as a monetary authority issuing currency, the Treasury's balances were in part "inventory" and could at times be increased simply by printing more currency without issuing it to the public. Second, the low level of deposits was a consequence of the Independent Treasury System, which was first adopted in 1840 as a legacy of the Bank War over the renewal of the charter of the Second Bank of the United States, was discontinued in 1841, and was re-established in 1846. S.

The System was also given additional powers, of which the power to vary reserve requirements was by far the most important. In the monetary system, the dollar was devalued in terms of gold, and 11 INTRODUCTION the character of the gold standard was changed. Gold coinage was discontinued and the holding of gold coin or bullion made illegal. The Treasury continued to buy gold freely at a fixed price at the Mint but sold it freely at a fixed price only for purposes of foreign payment. With the departure from the gold standard of country after country during and after World War II and the widespread introduction of exchange controls by other countries, the United States came to be effectively on a fiduciary standard.

The ratio then fell. In 1960, it was about 6 to 1. DIVISION OF DEPOSITS BETWEEN NATIONAL AND OTHER BANKS Of the total of commercial bank deposits held by the public, roughly 60 per cent were liabilities of banks that were part of the Civil War-created 16 THE GREENBACK PERIOD TABLE 1 CoMPOSITION OF CuRRENCY AND CoMMERCIAL BANK DEPOSITS, END OF JUNE 1867 (millions of dollars) Held by Total Treasury Banks Currency (lines 1-9) 1. Gold coin 2. Gold certificates 3. State bank notes 4. National bank notes 5.

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