Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960
Michael D. Bordo, Hugh Rockoff
American Economic Review · 2013 · Volume 103 · Issue 3
Abstract
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.
Keywords
History of Economic Thought: Individuals, Business Fluctuations, Cycles, Financial Markets and the Macroeconomy, Monetary Policy, Central Banks and Their Policies, Economic History: Macroeconomics and Monetary Economics, Industrial Structure, Growth, Fluctuations: U.S., Canada: Pre-1913, Canada: 1913-
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