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The Contribution of a Monetary History of the United States: 1867 to 1960 To Monetary History

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Michael D. Bordo

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Abstract

This paper assesses the role of Friedman and Schwartz's "A Monetary History of the United Slates: 1867 to 1960" as a progenitor of research in monetary history. The paper critically surveys the literature on three major themes in the book: monetary disturbances; the domestic monetary framework and monetary policy: and monetary standards. The book's unique portrayal of the historical circumstances of monetary disturbances and of alternative institutional arrangements serves as the closest thing to a laboratory experiment for the monetary economist. Historical study has become an important tool of modern macroeconomic research.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2549.

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Date of creation: May 1989
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Handle: RePEc:nbr:nberwo:2549

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  1. Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 2000. "Money, Sticky Wages, and the Great Depression," American Economic Review, American Economic Association, vol. 90(5), pages 1447-1463, December. [Downloadable!] (restricted)
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