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book: The Great Contraction, 1929-1933
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The Great Contraction, 1929-1933

New Edition
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  • With contributions by: and
  • Preface by: and
Language: English
Published/Copyright: 2012

About this book

Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide.


This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.

Author / Editor information

Milton Friedman (1912-2006) was awarded the Nobel Prize in Economics in 1976. He was a Senior Research Fellow at the Hoover Institution and had previously taught at the University of Chicago from 1946 to 1976. He was also a member of the research staff of the National Bureau of Economic Research from 1937 to 1981. Anna Jacobson Schwartz is a research associate at the National Bureau of Economic Research, which she joined in 1941. She is a Distinguished Fellow of the American Economic Association and a Fellow of the American Academy of Arts and Sciences. During her distinguished career, she has made major contributions to the economics of business cycles, banking, monetary policy, and financial regulation.

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  • Publicly Available

    Frontmatter

    i
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  • Publicly Available

    Contents

    vii
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  • The Great Contraction, 1929–1933
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    Book Contents

    3
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    Preface

    7
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    1. The Course of Money, Income, Prices, Velocity, and Interest Rates

    14
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    2. Factors Accounting for Changes in the Stock of Money

    64
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    3. Bank Failures

    92
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    4. International Character of the Contraction

    106
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    5. Development of Monetary Policy

    112
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    6. Alternative Policies

    160
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    7. Why Was Monetary Policy So Inept?

    186
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    Director’s Comment

    209
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    Glossary

    219
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    Primary Sources

    223
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    Sources of Figures

    225
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Publishing information
Pages and Images/Illustrations in book
eBook published on:
June 16, 2015
eBook ISBN:
9781400846856
Edition:
New Edition
Pages and Images/Illustrations in book
View content
https://doi.org/10.1515/9781400846856
eBook ISBN: 9781400846856
Keywords for this book
Monetary policy; Currency; Government Security; Bank; Bank run; Money supply; Bank failure; Federal Reserve Bank; Federal Reserve Credit; Deposit account; Inflation; Federal Reserve Note; Deflation; Discounts and allowances; Central bank; Commercial bank; Credit (finance); Recession; Stock market crash; Money market; Economy; Monetary authority; Stock market; Speculation; Exchange rate; Interest rate; Money; Investment; Economics; Annual report; Reserve requirement; Federal Reserve Bank of New York; Provision (accounting); Liquidity crisis; Gold reserve; Reconstruction Finance Corporation; Gold coin; Excess reserves; Milton Friedman; Open market operation; Debt; Government bond; Asset; Market liquidity; Account (accountancy); A Monetary History of the United States; Economist; Chairman; Glass–Steagall Legislation; Commodity; Income; Discount window; Rediscount; Market rate; Payment; Real bills doctrine; Gold certificate; Monetary base; Board of directors; Testimonial; Monetary system; Primary source; Charles E. Mitchell; Bank of England; Employment; Depreciation; Post hoc ergo propter hoc; Percentage; Unemployment; Price
Audience(s) for this book
For an expert adult audience, including professional development and academic research
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