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Hugh Rockoff - One of the best experts on this subject based on the ideXlab platform.
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Not Just the Great Contraction: Friedman and Schwartz's a Monetary History of the United States 1867 to 1960
American Economic Review, 2013Co-Authors: Michael D. Bordo, Hugh RockoffAbstract:A Monetary History of the United States 1867 to 1960 published in 1963 was written as part of an extensive NBER research project on Money and Business Cycles started in the 1950s. The project resulted in three more books and many important articles. A Monetary History was designed to provide historical evidence for the modern quantity theory of money. The principal lessons of the modern quantity theory of the long-run neutrality of money, the transitory effects of Monetary policy on real economic activity, and the importance of stable money and of Monetary rules have all been absorbed in modern macro models. A Monetary History , unlike the other books, has endured the test of time and has become a classic whose reputation has grown with age. It succeeded because it was based on narrative and not an explicit model. The narrative methodology pioneered by Friedman and Schwartz and the beautifully written story still captures the imaginations of new generations of economists.
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not just the great contraction friedman and schwartz s a Monetary History of the united states 1867 to 1960
The American Economic Review, 2013Co-Authors: Michael D. Bordo, Hugh RockoffAbstract: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.
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On the Origins of
2006Co-Authors: Hugh RockoffAbstract:This paper explores some of the scholarship that influenced Milton Friedman and Anna J. Schwartz's "A Monetary History". It shows that the ideas of several Chicago economists -- Henry Schultz, Henry Simons, Lloyd Mints, and Jacob Viner -- left clear marks. It argues, however, that the most important influence may have been Wesley Clair Mitchell and his classic book "Business Cycles" (1913). Mitchell, and the NBER, provided the methodology for "A Monetary History", in particular the emphasis on compiling long time series of monthly data and analyzing the effects of specific variables on the business cycle. A common methodology and the stability of Monetary relationships produced similar conclusions about money. Friedman and Schwartz deemphasized Mitchell's "bank-centric" view of the Monetary transmission process, but they reinforced Mitchell's conclusion that money had an independent, predictable, and important influence on the business cycle.
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On the Origins of "A Monetary History"
2006Co-Authors: Hugh RockoffAbstract:This paper explores some of the scholarship that influenced Milton Friedman and Anna J. Schwartz's "A Monetary History". It shows that the ideas of several Chicago economists -- Henry Schultz, Henry Simons, Lloyd Mints, and Jacob Viner -- left clear marks. It argues, however, that the most important influence may have been Wesley Clair Mitchell and his classic book "Business Cycles" (1913). Mitchell, and the NBER, provided the methodology for "A Monetary History", in particular the emphasis on compiling long time series of monthly data and analyzing the effects of specific variables on the business cycle. A common methodology and the stability of Monetary relationships produced similar conclusions about money. Friedman and Schwartz deemphasized Mitchell's "bank-centric" view of the Monetary transmission process, but they reinforced Mitchell's conclusion that money had an independent, predictable, and important influence on the business cycle.
Michael D. Bordo - One of the best experts on this subject based on the ideXlab platform.
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Not Just the Great Contraction: Friedman and Schwartz's a Monetary History of the United States 1867 to 1960
American Economic Review, 2013Co-Authors: Michael D. Bordo, Hugh RockoffAbstract:A Monetary History of the United States 1867 to 1960 published in 1963 was written as part of an extensive NBER research project on Money and Business Cycles started in the 1950s. The project resulted in three more books and many important articles. A Monetary History was designed to provide historical evidence for the modern quantity theory of money. The principal lessons of the modern quantity theory of the long-run neutrality of money, the transitory effects of Monetary policy on real economic activity, and the importance of stable money and of Monetary rules have all been absorbed in modern macro models. A Monetary History , unlike the other books, has endured the test of time and has become a classic whose reputation has grown with age. It succeeded because it was based on narrative and not an explicit model. The narrative methodology pioneered by Friedman and Schwartz and the beautifully written story still captures the imaginations of new generations of economists.
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not just the great contraction friedman and schwartz s a Monetary History of the united states 1867 to 1960
The American Economic Review, 2013Co-Authors: Michael D. Bordo, Hugh RockoffAbstract: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.
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Crises now and then: what lessons from the last era of financial globalization?
2003Co-Authors: Barry Eichengreen, Michael D. BordoAbstract:Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to Monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
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Charles Goodhart's Contributions to the History of Monetary Institutions
Monetary History Exchange Rates and Financial Markets, 1Co-Authors: Michael D. Bordo, Anna J. SchwartzAbstract:Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to Monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
Francois R Velde - One of the best experts on this subject based on the ideXlab platform.
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Lessons from the History of money
Economic Perspectives, 1998Co-Authors: Francois R VeldeAbstract:This article looks at eight centuries of Monetary History and asks: What happened and what have we learned? Money evolved from commodity-based to purely fiduciary, and in the trial-and-error process, governments learned some basic truths about price stability and the management of a sound currency.
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the debasement puzzle an essay on medieval Monetary History
The Quarterly review, 1997Co-Authors: Arthur J Rolnick, Francois R Velde, Warren E WeberAbstract:This study establishes several facts about medieval Monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to Monetary economics. This article was originally published in the Journal of Economic History (December 1996, vol. 56, no. 4, pp. 789--808). It is reprinted in the Federal Reserve Bank of Minneapolis Quarterly Review with the permission of Cambridge University Press.
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the debasement puzzle an essay on medieval Monetary History
The Journal of Economic History, 1996Co-Authors: Arthur J Rolnick, Francois R Velde, Warren E WeberAbstract:We establish several facts about medieval Monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to Monetary economics.
David Laidler - One of the best experts on this subject based on the ideXlab platform.
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Reassessing the Thesis of the Monetary History
2013Co-Authors: David LaidlerAbstract:The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz’s explanation of the latter as mainly the consequence of the Fed’s failure as a lender of last resort at its onset, and the ineptitude of its policies thereafter. This explanation is reassessed in the light of events since 2007, and it is argued that its plausibility emerges enhanced, even though policy debates in recent years have paid more attention to interest rates and credit markets than to Friedman and Schwartz’s key variable, the quantity of money.
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Why Friedman and Schwartz’s interpretation of the Great Depression still matters: reassessing the thesis of their 1963 Monetary History
Money in the Great Recession, 1Co-Authors: David LaidlerAbstract:The early stages of the Great Recession of 2008–09 had many similarities to the early stages of the USA’s Great Depression of the early 1930s. Despite criticism of Milton Friedman in Paul Krugman’s column in the New York Times, Friedman and Schwartz’s 1963 Monetary History of the United States continues to have important lessons for the conduct of Monetary policy today. Indeed, large-scale asset purchases by the Fed – as recommended by Friedman and Schwartz in their 1963 book as an anti-depression antidote – stopped the Great Recession from developing into something much worse. On a large enough scale, increases in the Monetary base ought to be accompanied by positive growth of the quantity of money sufficient to counter demand weakness.
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The Role of the History of Economic Thought in Modern Macroeconomics
Monetary History Exchange Rates and Financial Markets, 1Co-Authors: David LaidlerAbstract:Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to Monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
Warren E Weber - One of the best experts on this subject based on the ideXlab platform.
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the debasement puzzle an essay on medieval Monetary History
The Quarterly review, 1997Co-Authors: Arthur J Rolnick, Francois R Velde, Warren E WeberAbstract:This study establishes several facts about medieval Monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, the authors reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. They conclude that debasements pose a challenge to Monetary economics. This article was originally published in the Journal of Economic History (December 1996, vol. 56, no. 4, pp. 789--808). It is reprinted in the Federal Reserve Bank of Minneapolis Quarterly Review with the permission of Cambridge University Press.
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the debasement puzzle an essay on medieval Monetary History
The Journal of Economic History, 1996Co-Authors: Arthur J Rolnick, Francois R Velde, Warren E WeberAbstract:We establish several facts about medieval Monetary debasements: they were followed by unusually large minting volumes and by increased seigniorage; old and new coins circulated concurrently; and, at least some of the time, coins were valued by weight. These facts constitute a puzzle because debasements provide no additional inducements to bring coins to the mint. On theoretical and empirical grounds, we reject explanations based on by-tale circulation, nominal contracts, and sluggish price adjustment. We conclude that debasements pose a challenge to Monetary economics.