New PDF release: Money, History, and International Finance: Essays in Honor

By Michael Bordo

This quantity presents a severe review of Anna J. Schwartz's paintings and probes numerous features of the titanic contribution of her scholarship—How good has it stood the try out of time? What opinions were leveled opposed to it? How has financial study built through the years, and the way has her impact been manifested? Bordo has amassed 5 convention papers provided by means of top financial students, discussants' reviews, and shutting feedback by way of Milton Friedman and Karl Brunner. each one of those insightful surveys extends Schwartz's paintings and makes its personal contribution to the fields of financial background, conception, and coverage. the amount additionally features a foreword by way of Martin Feldstein and a specific bibliography of guides by way of Anna Schwartz.

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The Recovery The recovery from 1933 to 1937 was marked by rapid money growth (53 percent) and rapid inflation (50 percent for the wholesale price index). Friedman and Schwartz (chapter 9) attribute the monetary expansion to an increase in the monetary gold stock in response to the devaluation of the dollar, the gold purchase program, and capital flight from Europe. At the same time, they argue, rising prices and wages represented in part a rare case of cost-push inflation, the consequence of the National Industrial Recovery Act (NIRA) and other policies that encouraged unionization and monopolization.

The citation analysis is based on two sources: the Social Science Citation Index which covers the period 1969-87, and a sample of ten leading journals in monetary economics and economic history from 1964 to 1987. The second sample is included in the SSCI, but separating it has value because it covers the entire period since the book was published and because it allows us to examine the incidence of citations in journals from different fields. 1, the number of citations has been increasing, although irregularly, since 1965.

The survey that follows examines the literature on the Great Contraction that A Monetary History stimulated, which includes new interpretations of the origins of the contraction: Peter Temin’s (1976) critique of the monetary approach and the subsequent debate, a reiteration of the position taken in A Monetary History by Schwartz (1981), a reinterpretation of the banking holiday of 1933, and recent studies of the recovery. Origins of the Great Contraction Hamilton (1987a) provides evidence consistent with Friedman and Schwartz that the contraction started with tight monetary policy beginning in 1928.

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Money, History, and International Finance: Essays in Honor of Anna Schwartz by Michael Bordo


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