IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960

  • Michael D. Bordo
  • Hugh Rockoff

Milton Friedman and Anna J. Schwartz published A Monetary History of the United States: 1867 to 1960 with Princeton University Press in 1963, to critical acclaim. Since then the book's reputation has grown and it clearly has become one of the most influential volumes in economics in the twentieth century. In this paper we document the extraordinary impact of A Monetary History and argue that the key to this success was the use of the "narrative approach" to the problem of identifying the effects of monetary policy on economic activity.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.3.61
Download Restriction: no

File URL: http://www.aeaweb.org/aer/ds/may2013/P2013_0727_ds.zip
Download Restriction: no

File URL: http://www.aeaweb.org/aer/data/may2013/P2013_0727_data.zip
Download Restriction: Access to full text is restricted to AEA members and institutional subscribers.

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 103 (2013)
Issue (Month): 3 (May)
Pages: 61-65

as
in new window

Handle: RePEc:aea:aecrev:v:103:y:2013:i:3:p:61-65
Note: DOI: 10.1257/aer.103.3.61
Contact details of provider: Web page: https://www.aeaweb.org/aer/
Email:


More information through EDIRC

Order Information: Web: https://www.aeaweb.org/subscribe.html

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Gary Richardson & William Troost, 2009. "Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929-1933," Journal of Political Economy, University of Chicago Press, vol. 117(6), pages 1031-1073, December.
  2. Michael D. Bordo & Ehsan U. Choudhri & Anna J. Schwartz, 1993. "Could Stable Money Have Averted The Great Contraction?," NBER Working Papers 4481, National Bureau of Economic Research, Inc.
  3. Olivier Jean Blanchard & Stanley Fischer, 1989. "Editorial in "NBER Macroeconomics Annual 1989, Volume 4"," NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 1-8 National Bureau of Economic Research, Inc.
  4. Anna J. Schwartz, 2009. "Origins of the Financial Market Crisis of 2008," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 19-23, Winter.
  5. Charles W. Calomiris & Joseph R. Mason, 2003. "Fundamentals, Panics, and Bank Distress During the Depression," American Economic Review, American Economic Association, vol. 93(5), pages 1615-1647, December.
  6. Milton Friedman & Anna J. Schwartz, 1987. "Has Government Any Role in Money?," NBER Chapters, in: Money in Historical Perspective, pages 289-314 National Bureau of Economic Research, Inc.
  7. Coenen Günter & Orphanides Athanasios & Wieland Volker, 2004. "Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero," The B.E. Journal of Macroeconomics, De Gruyter, vol. 4(1), pages 1-25, February.
  8. Miron, Jeffrey A., 1994. "Empirical methodology in macroeconomics explaining the success of Friedman and Schwartz's 'a monetary history of the United States, 1867-1960'," Journal of Monetary Economics, Elsevier, vol. 34(1), pages 17-25, August.
  9. Michael Bordo & John Landon-Lane & Angela Redish, 2010. "Deflation, Productivity Shocks and Gold: Evidence from the 1880–1914 Period," Open Economies Review, Springer, vol. 21(4), pages 515-546, September.
  10. Marvin Goodfriend, 2012. "The Elusive Promise of Independent Central Banking," IMES Discussion Paper Series 12-E-09, Institute for Monetary and Economic Studies, Bank of Japan.
  11. Tobin, James, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 301-17, May.
  12. White, Eugene Nelson, 1984. "A Reinterpretation of the Banking Crisis of 1930," The Journal of Economic History, Cambridge University Press, vol. 44(01), pages 119-138, March.
  13. Michael D. Bordo, 1986. "Explorations in Monetary History: A Survey of the Literature," NBER Working Papers 1821, National Bureau of Economic Research, Inc.
  14. Philip Cagan, 1965. "Determinants and Effects of Changes in the Stock of Money, 1875–1960," NBER Books, National Bureau of Economic Research, Inc, number caga65-1, September.
  15. Ross B. Emmett (ed.), 2010. "The Elgar Companion to the Chicago School of Economics," Books, Edward Elgar, number 2591.
  16. Michael Bordo & John Landon-Lane, 2010. "The banking panics in the United States in the 1930s: some lessons for today," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 486-509, Autumn.
  17. John B. Taylor, 2007. "Housing and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 463-476.
  18. Olivier J. Blanchard & Stanley Fischer, 1989. "NBER Macroeconomics Annual 1989, Volume 4," NBER Books, National Bureau of Economic Research, Inc, number blan89-1, September.
  19. Paul Hallwood, C. & MacDonald, Ronald & Marsh, Ian W., 2000. "Realignment expectations and the US dollar, 1890-1897: Was there a 'Peso problem'?," Journal of Monetary Economics, Elsevier, vol. 46(3), pages 605-620, December.
  20. Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
  21. Lucas, Robert Jr., 1994. "Review of Milton Friedman and Anna J. Schwartz's 'a monetary history of the United States, 1867-1960'," Journal of Monetary Economics, Elsevier, vol. 34(1), pages 5-16, August.
  22. Michael Bordo & Andrew Filardo, 2005. "Deflation and monetary policy in a historical perspective: remembering the past or being condemned to repeat it?," Economic Policy, CEPR;CES;MSH, vol. 20(44), pages 799-844, October.
Full references (including those not matched with items on IDEAS)

When requesting a correction, please mention this item's handle: RePEc:aea:aecrev:v:103:y:2013:i:3:p:61-65. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)

or (Michael P. Albert)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.