NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Contribution of a Monetary History of the United States: 1867 to 1960 To Monetary History

Michael D. Bordo

NBER Working Paper No. 2549 (Also Reprint No. r1177)
Issued in April 1988
NBER Program(s):   ME

This paper assesses the role of Friedman and Schwartz's "A Monetary History of the United Slates: 1867 to 1960" as a progenitor of research in monetary history. The paper critically surveys the literature on three major themes in the book: monetary disturbances; the domestic monetary framework and monetary policy: and monetary standards. The book's unique portrayal of the historical circumstances of monetary disturbances and of alternative institutional arrangements serves as the closest thing to a laboratory experiment for the monetary economist. Historical study has become an important tool of modern macroeconomic research.

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Document Object Identifier (DOI): 10.3386/w2549

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