A Monetary History of the United States, 1867-1960

Revised

Friedman, Milton 저자(글)

Princeton University Press · 1971년 11월 21일

책 소개

Writing in the June 1965 issue of the Economic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues." Friedman and Schwartz 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. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger." Milton Friedman won the Nobel Prize in Economics in 2000 for work related to A Monetary Historyas well as to his other Princeton University Press book, A Theory of the Consumption Function(1957).
A monumental scholarly accomplishment. . . . [sets] a new standard for the writing of monetary history. -- The Economic Journal
A monumental scholarly accomplishment. . . . [sets] a new standard for the writing of monetary history.

작가정보

저자(글) Friedman, Milton

미국 뉴욕에서 태어난 프리드먼은 러트거스대학을 졸업한 후 시카고대학교에서 석사학위를, 컬럼비아대학교에서 박사학위를 취득하였다. 1946년부터 30년간 시카고대학교 교수로 재직하였고, 1977년 이후에는 샌프란시스코에 거주하며 사망시까지 스탠포드대학교 후버연구소의 원로연구원으로 있었다. 1951년에는 40세 이하의 경제학자에겜나 주어지는 존 베이츠 클락 메달을, 1976년에는 '소비분석, 통화의 역사 및 이론에서의 업적과 경기안정화 정책의 복잡성을 명쾌하게 설명한 공로'로 노벨경제학상을 수상했다. 프리드먼은 경쟁적 자본주의와 자유주의 시장경제의 열렬한 옹호자로서, 당시 학계와 정부 내에서 지배적이던 케인즈의 이론에 반기를 들고 통화정책의 중요성을 주장하여 통화주의의 태두가 되었다. 화폐론과 소비자행동론에 큰 관심을 두었던 그는 자유변동환율제, 음소득세, 교육교환권, 소비함수에 있어서의 항상소득가설 등 다양한 이론과 아이디어를 내놓아 동시대의 경제학자들과 정책담당자들에게 엄청난 영향을 미쳤다. 그의 경제사상은 마거릿 대처와 로널드 레이건 등 1980년대 영미 정치지도자의 통치철학을 형성하는 데 중추적인 역할을 했다.

목차

• Preface xxi
  Introduction 3 (12)
  The Greenback Period 15 (74)
  Composition of the Stock of Money in 1867 16 (13)
  Division Between Currency and Deposits 16 (1)
  Division of Deposits Between National and 16 (4)
  Other Banks
  Composition of the Currency 20 (5)
  The Role of Gold 25 (4)
  Changes in Money, Income, Prices, and 29 (15)
  Velocity
  The Politics of Resumption 44 (6)
  Factors Accounting for Changes in the Stock 50 (8)
  of Money
  Special Problems Connected with the 58 (27)
  Greenback Period
  The Premium on Gold 58 (3)
  The Premium and Purchasing-Power Parity 61 (4)
  Discrepancies Between Actual and 65 (13)
  Hypothetical Purchasing-Power Parity
  Price of Gold
  The Stock of Gold 78 (1)
  The Economics of Resumption 79 (6)
  Summary 85 (4)
  Silver Politics and The Secular Decline in 89 (46)
  Prices, 1879-97
  Movements in Money, Income, Prices, and 95 (18)
  Velocity
  The Cyclical Expansion from 1879 to 1882 97 (2)
  The Cyclical Contraction from 1882 to 1885 99 (3)
  Relative Stability from 1885 to 1891 102(2)
  The Disturbed Years from 1891 to 1897 104(9)
  The Politics of Silver 113(6)
  Factors Accounting for Changes in the Money 119(16)
  Stock
  Ratio of Deposits to Currency 122(1)
  Ratio of Deposits to Reserves 123(1)
  Changes in High-Powered Money 124(1)
  Treasury Cash 125(3)
  Silver Legislation 128(7)
  Gold Inflation and Banking Reform, 1897-1914 135(54)
  The Rebound, 1897 to 1902 138(14)
  Changes in Money, Income, Prices, and 138(2)
  Velocity
  The Shift in the Recorded Balance of Trade 140(2)
  Why Should Capital Exports Have Occurred? 142(7)
  Central-Banking Activities of the Treasury 149(3)
  Relatively Stable Growth, 1903-07 152(4)
  The Panic of 1907 156(12)
  Banking Reform in the Wake of Restriction 168(5)
  of Payments
  The Postpanic Period, 1908 to 1914 173(1)
  The Arithmetic of Changes in the Money Stock 174(9)
  A Retrospective Comparison 183(6)
  Early Years of the Federal Reserve System, 189(51)
  1914-21
  Changes in the Monetary and Banking 189(7)
  Structure
  Wartime and Postwar Inflation 196(35)
  Period of U.S. Neutrality 205(11)
  Period of Wartime Deficits 216(5)
  Postwar Inflation 221(10)
  The Contraction of 1920-21 231(9)
  The High Tide of the Reserve System, 1921-29 240(59)
  The Course of Money, Income, Prices, and 241(3)
  Velocity
  Changes in Commercial Bank Operations 244(5)
  Development of Monetary Policy 249(21)
  The 1921 Annual Report on Principles of 249(2)
  Monetary Policy
  The Tenth Annual Report on Principles of 251(3)
  Monetary Policy
  The Dispute Over Control of Speculation 254(12)
  by ``Direct Pressure''
  Bills Versus Government Securities 266(2)
  Relation of Discount Rate to Other Rates 268(1)
  International Considerations 269(1)
  Bank Suspensions 269(1)
  Factors Accounting for Changes in the Money 270(26)
  Stock
  Deposit-Reserve Ratio 276(2)
  Deposit-Currency Ratio 278(1)
  Composition of High-Powered Money 278(1)
  Gold Movements and Gold Sterilization 279(8)
  Other Movements in High-Powered Money 287(5)
  Seasonal Movements 292(4)
  Summary 296(3)
  The Great Contraction, 1929-33 299(121)
  The Course of Money, Income, Prices, 301(31)
  Velocity, and Interest Rates
  The Stock Market Crash, October 1929 305(3)
  Onset of First Banking Crisis, October 308(5)
  1930
  Onset of Second Banking Crisis, March 1931 313(2)
  Britain's Departure from Gold, September 315(7)
  1931
  Beginning of Large-Scale Open Market 322(2)
  Purchases, April 1932
  The Banking Panic of 1933 324(8)
  Factors Accounting for Changes in the Stock 332(19)
  of Money
  The Stock Market Crash, October 1929 334(8)
  Onset of First Banking Crisis, October 342(1)
  1930
  Onset of Second Banking Crisis, March 1931 343(2)
  Britain's Departure from Gold, September 345(2)
  1931
  Beginning of Large-Scale Open Market 347(2)
  Purchases, April 1932
  The Banking Panic of 1933 349(2)
  Bank Failures 351(8)
  Role of Bank Failures 351(2)
  Origin of Bank Failures 353(4)
  Federal Reserve System's Attitude 357(2)
  International Character of the Contraction 359(3)
  Development of Monetary Policy 362(29)
  The Stock Market Crash, October 1929 363(4)
  From the Stock Market Crash to Britain's 367(13)
  Departure from Gold, 1929-31
  Britain's Departure from Gold, September 380(4)
  1931
  Open Market Purchase Program of 1932 384(5)
  The Banking Panic of 1933 389(2)
  Alternative Policies 391(16)
  January 1930 to End of October 1930 392(1)
  January 1931 to End of August 1931 393(2)
  September 1931 to End of January 1932 395(4)
  The Problem of Free Gold 399(8)
  Why Was Monetary Policy So Inept? 407(13)
  New Deal Changes in The Banking Structure and 420(73)
  Monetary Standard
  Changes in the Banking Structure 420(42)
  Emergency Measures 421(1)
  Opening of Banks 422(1)
  Effect on Number and Deposits of Banks 422(5)
  Fate of Unlicensed Banks 427(1)
  Effects on Money Stock Measures 428(6)
  Reform Measures Affecting the Banking 434(1)
  Structure
  Federal Insurance of Bank Deposits 434(8)
  Other Changes 442(3)
  Changes in the Structure and Powers of 445(4)
  the Federal Reserve System
  Policies of Banks 449(13)
  Changes in the Monetary Standard 462(31)
  Gold Policy 462(21)
  The Silver-Purchase Program 483(8)
  Composition of the Currency 491(2)
  Cyclical Changes, 1933-41 493(53)
  Changes in Money, Income, Prices, and 493(6)
  Velocity
  Factors Accounting for Changes in the Money 499(7)
  Stock
  Changes in High-Powered Money 506(5)
  Federal Reserve Policy 511(23)
  Changes in the Deposit-Reserve Ratio 534(9)
  Role of Monetary Factors in the 1937 543(3)
  Contraction and Subsequent Recovery
  World War II Inflation, September 1939-August 546(46)
  1948
  U.S. Neutrality, September 1939-November 550(7)
  1941
  Period of Wartime Deficits, December 557(17)
  1941-January 1946 Price Movements
  Behavior of Velocity 558(3)
  Proximate Determinants of the Rise in the 561(6)
  Money Stock
  Basic Determinants of the Rise in the 567(4)
  Money Stock
  Effect of War Loan Drives 571(3)
  From the End of the War to the Price Peak, 574(11)
  August 1945 - August 1948
  The Balance of Payments 585(7)
  Revival of Monetary Policy, 1948-60 592(47)
  Behavior of Money, Income, Prices, and 596(5)
  Velocity
  Factors Accounting for Changes in the Money 601(19)
  Stock
  Decline in the Money Stock, January 604(6)
  1948-November 1949
  The Korean War Period 610(2)
  The Crisis in Early 1953 612(2)
  The Period from 1954 to 1960 614(6)
  Developments in Monetary Policy 620(17)
  The Treasury-Federal Reserve Accord 623(4)
  Policy Criteria to Replace Support of 627(5)
  Government Bond Prices
  ``Bills Only'' or ``Bills Preferably'' 632(5)
  Why the Stable Rate of Growth of the Money 637(2)
  Stock?
  The Postwar Rise in Velocity 639(37)
  Changes in the Return on Alternative Assets 645(14)
  Interest Rates 648(9)
  Rates of Change in Prices 657(2)
  Development of Money Substitutes 659(13)
  Combined Effect of Factors So Far Considered 672(1)
  Expectations About Stability 673(3)
  A Summing Up 676(25)
  Relation Between the Stock of Money and 676(2)
  Other Economic Variables
  Stability of Monetary Relations 678(8)
  Independence of Monetary Changes 686(9)
  Deceptiveness of Appearances 695(6)
  Appendixes 701(108)
  A. Basic Tables 703(73)
  B. Proximate Determinants of the Nominal 776(33)
  Stock of Money
  1. Classification of Types of Money, by 776(4)
  Holders
  2. Simplified Cross-Classification 780(4)
  3. Specie Standard with No Money Issued 784(5)
  by Monetary Authorities
  4. A Pure Fiduciary Standard 789(1)
  5. A Mixed Specie and Fiduciary Standard: 790(3)
  A Special Case
  6. A More General Case of a Mixed Specie 793(1)
  and Fiduciary Standard
  7. Contribution of the Determinants to 794(2)
  Changes in the Stock of Money
  8. Contribution of Components to Changes 796(13)
  in High-Powered Money
  Director's Comment 809(6)
  Indexes 815
  

기본정보

ISBN	9780691003542 ( 0691003548 )
발행(출시)일자	1971년 11월 21일
쪽수	888쪽
크기	153 * 230 * 40 mm / 1224 g
총권수	1권
언어	영어

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