By Milton Friedman, Anna Schwartz
Financial traits within the usa and the uk: Their Relation to source of revenue, costs, and rates of interest, 1867-1975
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Extra info for Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975
We concluded in A Monetary History that there is a one-to-one connection between severe monetary contractions and severe economic contractions, and that connection seems to dominate the United States interwar period. 35. , inflation), given the rate of monetary change, depends systematically on the prior rate of inflation, not at all (except for the United States interwar period) on the ratio of output to capacity (sec. 13). We use the rate of prior inflation as a proxy for expectations of inflation.
Among those who provided criticism, comments, and stimulation especially relevant to this book are the late Clark Warburton, Moses Abramovitz, Solomon Fabricant, Phillip Cagan, and participants in the Workshop on Money and Banking of the University of Chicago. Among those who assisted us in the statistical work of the earliest drafts of this book, dating back to the 1960s, are Lottie Boschan, Juanita Johnson, and Martha S. Lichtenstein; also Nadeschda Bohsack, Antonette Burgar, Marilyn McGirr, Esther D.
For a given flow of productive services or, alternatively, of final products (two of the multiple faces of income), the volume of transactions will be affected by vertical integration or disintegration of enterprises, which reduces or increases the number of transactions involved in a single income circuit, or by technological changes that lengthen or shorten the process of transforming productive services into final products. The volume of income will not be thus affected. Similarly, the transactions version includes the purchase of an existing asset—a house or a piece of land or a share of equity stock—precisely on a par with an intermediate or final transaction.
Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975 by Milton Friedman, Anna Schwartz