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 size of the publication he set himself to check: "The long-awaited financial background of the USA by means of Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, enormous within the definitiveness of its remedy of innumerable concerns, huge and small . . . huge, specifically, within the theoretical and statistical attempt and ingenuity which were dropped at endure at the answer of advanced and refined financial issues."

Friedman and Schwartz marshaled sizeable historic info and sharp analytics to aid the declare that financial policy--steady keep watch over of the money supply--matters profoundly within the administration of the nation's economic system, in particular in navigating critical fiscal fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they tackle the significant monetary occasion of the century, the melancholy. in line with Hugh Rockoff, writing in January 1965: "If nice Depressions will be avoided via well timed activities through the financial authority (or by way of 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 2000 for paintings concerning A financial History in addition to to his different Princeton collage Press ebook, A conception of the intake Function (1957).

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All three were periods of relative stability of both the rate of change in the money stock and of the state of business (Chapter 11). Perhaps the most puzzling feature of postwar monetary developments is 13 INTRODUCTION the coincidence of a relatively slow rate of rise in the stock of money with a fairly rapid rate of growth of money income. As noted at the outset, the stock of money has tended to grow more rapidly than money income over the more than nine decades covered by our data (see Chart 2).

This renewed emphasis, in its turn, stimulated renewed attention to alleged limitations of monetary policy. These changes in attitude are more dramatic and manifest in pronouncements than in records of action. The graph' of the money stock in Chart 1 shows the clear impress of neither the Treasury-Federal Reserve Accord nor of any supsequent statement about the direction and course of monetary policy, unless it be through the absence of movements that would otherwise have occurred. The distinctive feature of the rise in the money stock in the decade after 1947 is the high degree of stability, by comparison with earlier periods, in the year-to-year rate of change.

H. Cole, "Evolution of the Foreign Exchange Market of the United States," Journal of Economic and Business History, May 1929, pp. 417-418. 13 Cole (see footnote 12), pp. 414-415, judges from the fact cable transfers are first mentioned in the Commercial and Financial Chronicle in 1879 that they were not used until then and remarks that exchange dealers were surprisingly slow in adopting cable communication. It seems incredible that there should have be~n such a long delay, and two nineteenth-century writers confinn that there was not.

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