By Michael D. Bordo
ISBN-10: 0226065936
ISBN-13: 9780226065939
ISBN-10: 0226066894
ISBN-13: 9780226066899
This quantity presents a severe evaluate of Anna J. Schwartz's paintings and probes numerous elements of the mammoth contribution of her scholarship—How good has it stood the try of time? What evaluations were leveled opposed to it? How has financial learn constructed through the years, and the way has her effect been manifested? Bordo has accrued 5 convention papers offered by means of prime financial students, discussants' reviews, and shutting comments by means of Milton Friedman and Karl Brunner. every one of those insightful surveys extends Schwartz's paintings and makes its personal contribution to the fields of financial heritage, concept, and coverage. the amount additionally features a foreword by way of Martin Feldstein and a specific bibliography of courses via Anna Schwartz.
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Additional resources for Money, History, and International Finance: Essays in Honor of Anna J. Schwartz (National Bureau of Economic Research Conference Report)
Example text
JME began publication in 1975. hJMCB began publication in 1969. 18 Michael D. S. monetary history. , History’s contribution to monetary history. 2. I A Monetary History and the Modern Quantity Theory In the 1950s, Milton Friedman and Anna Schwartz began their collaboration on the NBER’s highly acclaimed money and business cycles project. This collaboration, over a period of thirty years, resulted in A Monetary History of the United States, 1867-1960 (l963a), Monetary Statistics of the United States (1970), and Monetary Trends in the United States and the United Kingdom, 1875-1975, (l982), in addition to Phillip Cagan’s Determinants and Effects of Changes in the Stock of Money, 1875-1960 ( 1 9 6 9 , and several journal articles, including “Money and Business Cycles” (1963b).
For Meltzer (1976), Temin neglects, as did the Federal Reserve System during the Great Depression, the distinction between nominal and real interest rates, misinterpreting the fall in interest rates as indicating monetary ease. It should be pointed out that, had Temin started his analysis in April 1928 when the Federal Reserve sharply reduced the rate of monetary growth, instead of in August 1929, he would have observed a rise in short-term interest rates between March 1928 and September 1929. I6 Temin’s final argument against the money hypothesis is that the real money supply did not fall.
It should be pointed out that, had Temin started his analysis in April 1928 when the Federal Reserve sharply reduced the rate of monetary growth, instead of in August 1929, he would have observed a rise in short-term interest rates between March 1928 and September 1929. I6 Temin’s final argument against the money hypothesis is that the real money supply did not fall. Monetary forces, it follows, could not possibly explain the massive decline in real income that occurred. According to Gandolfi and Lothian (1979), Temin confuses desired and actual real cash balances.
Money, History, and International Finance: Essays in Honor of Anna J. Schwartz (National Bureau of Economic Research Conference Report) by Michael D. Bordo
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