The Great Contraction, 1929-1933 : : New Edition / / Anna Jacobson Schwartz, Milton Friedman.

• Superior document: Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013
• VerfasserIn: Friedman, Milton,; Schwartz, Anna Jacobson,
• TeilnehmendeR: Bernstein, Peter L.; Schwartz, Anna Jacobson.
• Place / Publishing House: Princeton, NJ : : Princeton University Press, , [2012]; ©2008
• Year of Publication: 2012
• Edition: New edition with a New preface by Anna Jacobson Schwartz and a new introduction by Peter L. Bernstein
• Language: English
• Series: Princeton Classic Editions
• Physical Description: 1 online resource (320 p.) :; 8 line illus. 2 tables.

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 It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.

Table of Contents

Frontmatter -- Contents -- The Great Contraction, 1929-1933 -- Book Contents -- Preface -- 1. The Course of Money, Income, Prices, Velocity, and Interest Rates -- 2. Factors Accounting for Changes in the Stock of Money -- 3. Bank Failures -- 4. International Character of the Contraction -- 5. Development of Monetary Policy -- 6. Alternative Policies -- 7. Why Was Monetary Policy So Inept? -- Director's Comment -- Glossary -- Primary Sources -- Sources of Figures