Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960

Michael Bordo and Hugh Rockoff

American Economic Review, 2013, vol. 103, issue 3, 61-65

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.

JEL-codes: B31 E32 E44 E52 E58 N11 N12 (search for similar items in EconPapers)
Date: 2013
Note: DOI: 10.1257/aer.103.3.61
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Citations: View citations in EconPapers (16)

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