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American Economic Review: Vol. 103 No. 3 (May 2013)

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

Article Citation

Bordo, Michael D., and Hugh Rockoff. 2013. "Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960." American Economic Review, 103(3): 61-65.

DOI: 10.1257/aer.103.3.61

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.

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Authors

Bordo, Michael D. (Rutgers U)
Rockoff, Hugh (Rutgers U)

JEL Classifications

B31: History of Economic Thought: Individuals
E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
E52: Monetary Policy
E58: Central Banks and Their Policies
N11: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
N12: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-


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