Anna J. Schwartz National Bureau of Economic Research
Research: National Bureau of Economic Research, Inc., 1941 to date
Adjunct Professor of Economics, 1986‑
Adjunct Professor of Economics, 1969‑1970
Adjunct Professor of Economics, 1967‑1969
Member, Board of Editors of:
American Economic Review, 1972‑78
Journal of Money, Credit, and Banking, 1974‑1975; 1984‑
Journal of Monetary Economics, 1975‑
Journal of Financial Services Research, 1993-
Honors: Phi Beta Kappa, 1934
Holder of Murray Fellowship awarded by
Fellow of Committee on Research in Economic History, 1945
Honorary Visiting Professor,
President, Western Economic Association, 1987‑88
of Letters (Honoris Causa),
Doctor of Arts (Honoris Causa),
Doctor of Laws (Honoris Causa),
Laws (Honoris Causa),
Doctor of Letters (Honoris Causa),
Doctor of Humane Letters (Honoris Causa),
of Laws (Honoris Causa),
Doctor of Humane Letters (Honoris Causa), Loyola University of Chicago, 2003
of Science (Honoris Causa),
Distinguished Fellow, American Economic Association, 1993
Honorary Fellow, Institute of Economic Affairs, 1997
(with A. D.
Gayer and W.W. Rostow) The Growth and
Fluctuation of the British Economy, 1790-1850.
Friedman) A Monetary History of the
Friedman) Monetary Statistics of the
Friedman) Monetary Trends in the
(with M. R.
Darby et al.) The International
Transmission of Inflation.
A Retrospective on the Classical Gold Standard, 1821-1931
(Introduction and Co-Editor with Michael D. Bordo).
Money in Historical Perspective.
The Search for Stable Money:
Essays on Monetary Reform (Co-Editor with James A. Dorn)
Commodity Monies, 2
(with E. Oliver) “Currency Held by the Public, the Banks, and the Treasury, Monthly, December 1917-December 1944.” NBER Technical Paper No. 4.
of Competitive Banking in
“An Attempt at Synthesis in American Banking History,” Journal of Economic History 7, 208-216.
Dividend and Interest Payments by Corporations at Selected Dates in the 19th
Century.” In Trends in the American
Economy in the Nineteenth Century, Studies in Income and Wealth, Vol.
(with Milton Friedman) “Money and Business Cycles,” Review of Economics and Statistics 45, 32-64.
(with Milton Friedman) “The Definition of Money,” Journal of Money, Credit, and Banking 1, 1-14.
Targets of Some Foreign Central Banks,” in K. Brunner (ed.), Targets and Indicators of Monetary Policy.
“Why Money Matters,” Lloyds Bank Review 24, 1-16.
“The Aliber, Dewald, and Gordon Papers, A Comment,” Journal of Money, Credit, and Banking 4, 978-984.
“Secular Price Change in Historical Perspective,” Journal of Money, Credit, and Banking 5, 243-269.
Cagan) “How Feasible is a Flexible Monetary Policy?” In R. T. Selden (ed.), Capitalism and Freedom, Problems and Prospects.
(with Phillip Cagan) “Has the Growth of Money Substitutes Hindered Monetary Policy?”, Journal of Money, Credit, and Banking 7, 137-159.
Trends in the
“Comments.” In W. L. Silber (ed.), Financial Innovation. Health, 1975, pp. 45-51.
“Comments.” In J. Stein (ed.), Monetarism.
(with Milton Friedman) “From Gibson to Fisher,” Explorations in Economic Research 3, 288-291.
D. Bordo) “Issues in Monetary Economics and Their Impact on Research in
Economic History.” In R. E. Gallman (ed.), Research
in Economic History.
Research in Monetary Economics.” In M.
Perlman (ed.), The Organization and
Retrieval of Economic Knowledge.
“Comments on Papers by Fourcans, Fratianni, and Korteweg,” Carnegie-Rochester Conference Series on Public Policy 7, 193-201.
Reforms of the 1930s.” In G. M. Walton
(ed.), Regulatory Change in an Atmosphere
of Crisis: The Current Day Implications of the
(with Michael D. Bordo) “Clark Warburton: Pioneer Monetarist,” Journal of Monetary Economics 5, 43-65.
(with Michael D. Bordo) “Money and Prices in the Nineteenth Century: An Old Debate Rejoined,” Journal of Economic History 40, March 1980, pp. 6167.
1929 1933,” in K. Brunner (ed.), The
Great Depression Revisited.
(with Michael D. Bordo) “Money and Prices in the Nineteenth Century: Was Thomas Tooke Right?,” Explorations in Economic History 18, 97-127.
A Century of
British Market Interest Rates 1874-1975.
January 1981. The Henry Thornton
(with Milton Friedman) “The Effect of the Term Structure of Interest Rates on the Demand for
Money in the
Friedman) “Interrelations between the
Report to the Congress of the Commission on the Role
of Gold in the Domestic and International Monetary Systems, Vol. 1.
“Reflections on the Gold Commission Report,” Journal of Money, Credit, and Banking 14, 538-551.
(with K. Brunner et al.) “International Debt, Insolvency, and Illiquidity,” Journal of Economic Affairs 3, 160-166.
(with Michael D. Bordo) “The Importance of Stable Money: Theory and Evidence,” Cato Journal 3, 63-82.
“International Lending and the Economic Environment,” Cato Journal 4, 205-209.
“Currents and Countercurrents in Political and Economic Thought: A Comment on the Fellner Paper,” Carnegie-Rochester Conference Series on Public Policy 21, 253-257.
the Paper by Alan Budd, Sean Holly, Andrew Longbottom and David Smith.” In B. Griffiths and G. E. Wood (eds.), Monetarism in the
Rudiger Dornbusch and Stanley Fischer, ‘The Open Economy: Implications for
Monetary and Fiscal Policy.’” In R. J.
Gordon (ed.), The American Business Cycle.
Pseudo Financial Crises.” In F. Capie
and G. E. Wood (eds.), Financial Crises
and the World Banking System.
Monetary Regimes: The Gold Standard.” In
C. Campbell and
Recovery and Trade Liberalization: How the Transfer Problem Can Be
Solved.” In H. Giersch (ed.), The International Debt Problem: Lessons for
“Assessing the Fed’s Control of Domestic Monetary Policy,” Cato Journal 5, 843-848.
(with Milton Friedman) “Has Government Any Role in Money?,” Journal of Monetary Economics 17, 37-62.
Friedman) “The Failure of the Bank of
D. Bordo and E.U. Choudhri) “The Behavior of Money Stock Under Interest Rate
Control: Some Evidence for
“Prospects of an International Monetary Constitution,” Contemporary Policy Issues 5, 16-30.
“The Lender of Last Resort and the Federal Safety Net,” Journal of Financial Services Research 1, 77-111.
“Bank Runs and Deposit Insurance Reform,” Cato Journal 7, 589-594.
Stability and the Federal Safety Net.”
In W. S. Haraf (ed.), Restructuring
Banking and Financial Services in
“The 1987 US Stock Market Crash,” Economic Affairs 8(3), page 7.
Barry Eichengreen, ‘Trade Deficits in the Long Run.’” In A. E. Burger (ed.),
D. Bordo) “The ECU—An Imaginary or Embryonic Form of Money. What Can We Learn
from History?” In P. De Grauwe and T.
Peeters (eds.), The ECU and European
Thomas Rymes, ‘The Theory and Measurement of the Nominal Output of Banks,
Sectoral Rates of Saving and Wealth in the National Accounts.’” In R. E. Lipsey and H. S. Tice (eds.), The Measurement of Saving, Investment, and
(with Michael D. Bordo) “Transmission of Real and Monetary Disturbances under Fixed vs. Floating Rates,” Cato Journal 8, 451-472.
“International Debts: What’s Fact and What’s Fiction,” Economic Inquiry 27, 1-19.
of Regulation on Systemic Risk.” In The Financial Services Industry in the Year
2000: Risk and Efficiency.
D. Bordo), “Cyclical Effects of International Transmission of Real and Monetary
Disturbances.” In P.J. Klein (ed.), Analyzing Modern Business Cycles: Essays
Honoring Geoffrey H. Moore.
“Comment on Carter Golembe, ‘Long-Term Trends in Bank Regulation.’” Journal of Financial Services Research 2, 185-188.
“Comment on Christina and David Romer, ‘Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz,’” NBER Macroeconomics Annual 4, 170-176.
“A Prescription for Monetary Policy in the Bush Administration,” Economic Affairs 9(3), page 11.
D. Bordo and E.U. Choudhri), “Money Stock Targeting, Base Drift and Price Level
Predictability: Lessons from the
Hugh Rockoff, ‘New Views of the American Experience with Free Banking.’” In F. Capie and G. E. Wood (eds.), Unregulated Banking: Chaos or Order?
(with Michael D. Bordo), “What Has Foreign Exchange Market Intervention Since the Plaza Agreement Accomplished?,” Open Economies Review 2, 39-64.
(with Phillip Cagan), “The National Bank Note Puzzle Reinterpreted,” Journal of Money, Credit, and Banking 23, 293-307.
(with Milton Friedman) “Alternative Approaches to Analyzing Economic Data,” American Economic Review 81, 39-49.
Monetary Policy.” Institute of Economic
Affairs Occasional Paper No. 86,
(with Michael D. Bordo and P.
Rappoport), “Money Versus Credit Rationing: Evidence for the National Banking
Era, 1880-1914.” In C. Goldin and H.
Rockoff (eds.), Strategic Factors in 19th
Century American Economic History: In
Honor of Robert W. Fogel,
“The Misuse of the Fed’s Discount Window,” Federal Reserve Bank of St. Louis Review 74, 58-69.
Boards Have a Future?” Institute of Economic Affairs Occasional Paper No. 88,
“International Financial Liberalization and Exchange Rate Policies,” Cato Journal 13, 273-277.
Alberto Giovannini, ‘Bretton Woods and Its Precursors: Rules Versus Discretion
in the History of International Monetary Regimes.’” In M.
D. Bordo and B. Eichengreen (eds.), A
Retrospective on the Bretton Woods System.
Boards: Their Past, Present, and Possible Future Role,” Carnegie
(with Jerry L.
Jordan, Allan H. Meltzer, and Thomas J. Sargent) “
of Monetary Regimes.” In M. D. Bordo and
F. H. Capie (eds.), Monetary Regimes in
“Are Central Banks Necessary?” Critical Review 7, 355-370.
(with Michael D. Bordo) “The Performance and Stability of Banking Systems under ‘Self-Regulation’: Theory and Evidence,” Cato Journal 14, 453-479.
(with Michael D. Bordo and E. U. Choudhri), “Could Stable Money Have Averted the Great Contraction?” Economic Inquiry 33, 484-505.
Efficiency, and Credit Controls,” in M. D. Bordo and R. Sylla (eds.) Anglo-American Financial Systems:
Institutions and Markets in the Twentieth Century.
“Systemic Risk and the Macroeconomy.” In G. Kaufman and P. Bartholomew (eds.), Banking, Financial Markets, and Systemic Risk. JAI Press. 19-30.
“Coping with Financial Fragility: A Global Perspective,” Journal of Financial Services Research 9, 445-451.
“Why Financial Stability Depends on Price Stability,” Economic Affairs 15(4), page 21.
D. Bordo), “The Specie Standard as a Contingent Rule: Some Evidence for Core
and Peripheral Countries, 1880-1990.” In B. Eichengreen, J. Braga de Macedo, and J.
Reis (eds.), The Currency Convertibility Gold Standard and Beyond.
(with Michael D. Bordo) “Why Clashes Between Internal and External Stability Goals End in Currency Crises, 1797-1994.” Open Economics Review 7, 437-468.
Eichengreen and Grossman, ‘Debt Deflation and Financial Instability: Two
Historical Explorations,’” In F. Capie and G. E. Wood (eds.), Asset Prices and the Real Economy.
“From Obscurity to Notoriety: A Biography of the Exchange Stabilization Fund,” Journal of Money, Credit, and Banking 29, 135-153.
D. Bordo and B. Mizrach) “Real Versus Pseudo-International Systemic Risk:
Lessons from History.” Review of
Stability Depends on Price Stability.”
In G. E. Wood (ed.), Money, Prices
and the Real Economy.
Crises in the 1990s: All Alike?” In G.
G. Kaufman (ed.), Bank Crises: Causes,
Analysis and Prevention.
(with Michael D. Bordo) “Under What Circumstances Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?,” Journal of International Money and Finance 18, 683-708.
(with Michael D. Bordo) “Monetary Policy Regimes and Economic Performance: The Historical Record.” In J. B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, Vol. 1A. 149-234.
“Do We Need a New Bretton Woods?,” Cato Journal 20, 21-25.
(with Michael D. Bordo) “Measuring Real Economic Effects of Bailouts: Historical
Perspectives on How Countries in Financial Distress Have Fared with and
without Bailouts,” Carnegie-Rochester Conference Series on Public Policy 53, 81-167.
“The Rise and Fall of Foreign Exchange Market Intervention as a Policy Tool,” Journal of Financial Services Research 18, 319-339.
“Global Financial Crises: Discussion of Policy Responses.” In Global Financial Crises:
Lessons from Recent Events.
(with Michael D. Bordo and E. U. Choudhri) “Was Expansionary Monetary Policy Feasible During the Great Contraction: An Examination of the Gold Standard Constraint.” Explorations in Economic History 39(1): Jan. 1-28.
IMF’s Crisis Prevention and Management Record.” In W.C. Hunter, G.G.
Kaufman and T.H. Krueger (eds.), The Asian Financial Crisis: Origins,
Implications and Solutions.
“Comment on M.B. Devereux and C. Engel, ‘The Optimal Choice of Exchange Rate Regime:
Rules and Internationalized Production.’” In Topics in Empirical International Economics: A Festschrift in Honor of
Robert E. Lipsey.
(with M.D. Bordo) “From the Exchange Stabilization Fund to the International Monetary Fund.” NBER Working Paper 8100 (January 2001).
(with Michael D. Bordo and E.U. Choudhri) “Was Expansionary Monetary Policy Feasible During the Great Contraction: An Examination of the Gold Standard Constraint.” Explorations in Economic History 39(1): Jan. 1-28.
Shifting the Risk after Shifting the Focus.”
In W.C. Hunter, G.G. Kaufman, M. Pomerleano (eds.), Asset Price Bubbles.
“Earmarks of a
Lender of Last Resort.” In C. Goodhart
and G. Illing (eds.), Financial Crises,
Contagion, and the Lender of Last Resort.
“Asset Price Inflation and Monetary Policy,” Atlantic Economic Journal 31, 1-14.
Hugh Rockoff, ‘The
‘Core, Periphery, Exchange Rate Regimes, and Globalization” by M. D. Bordo and M. Flandreau.’” In M. D. Bordo, A. M. Taylor, and J. G.
Williamson (eds.), Globalization in Historical Perspective.
“Do Sovereign Debtors Need a Bankruptcy Law?” Cato Journal 23: 81-100.
D. Bordo) “Charles Goodhart’s Contributions to the History of Monetary
Institutions.” In P. Mizen (ed.), Monetary History, Exchange Rates and
Financial Markets: Essays in Honour of Charles Goodhart, Volume Two.
“Comment on Athanasios Orphanides, ‘Historical Monetary Policy Analysis and the Taylor Rule,’” Journal of Monetary Economics 50, 1023-1027.
(With Michael D. Bordo) “IS-LM and Monetarism.” History of Political Economy 36 Supplement 1 (December): 217-39.
“Global Order and the Future of the Euro.” Cato Journal 24(1-2): 19-26.
“Risks to the Future Stability of the Euro.” Atlantic Economic Journal 32(1):1-10.
“Dealing with Exchange Rate Protectionism.” Cato Journal 25(1): 97-106.
“Aftermath of the Monetarist Clash with the Federal
Reserve Before and During the Volcker Era.” Federal
Reserve Bank of
(With Michael D. Bordo) “David Laidler on Monetarism.” NBER Working Paper 12593 (October 2006).
(With Michael D. Bordo and Owen Humpage) “The
Historical Origins of
“Is There a Need for an International Lender of Last
Resort?” In F. H. Capie and G. E. Wood (eds.),
The Lender of Last Resort.
“Bank Regulation and Money Laundering.” In D. G. Mayes and G. E. Wood (eds.), The Structure of Financial Regulation.
(with Edward Nelson) “The Impact of Milton Friedman on Modern Monetary
Economics: Setting the Record Straight on Paul Krugman’s ‘Who was Milton Friedman?’”
Journal of Monetary Economics 55: 835–856.
(with Walker F. Todd)
“Why a Dual Mandate is Wrong for Monetary Policy”
International Finance 11(2):167-183.
English Bank Note Circulation, 1694‑1954, by Emmanuel Coppieters, Review, Journal of Political Economy, August 1956, pp. 353‑354.
The Greenback Era, by Irwin Unger, Review, Political Science Quarterly, December 1965, pp. 625‑627.
Commercial Bank Behavior and Economic Activity, by Stephen M. Goldfield, Review, Kyklos, Vol. XX, 1967, Fasc. 2, pp. 539‑540.
Central Bank Cooperation: 1924‑31, by Stephen V. O. Clarke, Review, Kyklos, Vol. XXI, 1968, Fasc. 1, pp. 162‑163.
Statistics of the British Economy, by F. M. M. Lewis, Review, Kyklos, Vol. XXI, 1968, Fasc. 2, pp. 392‑394.
The Jacksonian Economy, by Peter Temin, Review, Journal of Economic History, June 1970, pp. 476‑479.
Sovereignty and an Empty Purse: Banks and Politics in the
Civil War, by Bray
The International Economy and Monetary Movements in France, 1493‑1725, by Frank C. Spooner, Review, The Journal of European Economic History, Spring 1974, pp. 252‑255.
The Banking Crisis of 1933, by Susan E. Kennedy, Review, Journal of Monetary
Economics, January 1975, pp. 129‑30.
The World in Depression, 1929‑1939, by Charles P. Kindleberger, Review, Journal of Political Economy, February 1975, pp. 231‑237.
Domestic Monetary Management in Britain, 1919‑38, by Susan Howson, Review, Journal of European Economic History, Fall 1976, Vol. 5(2), pp. 500‑503.
Money and Empire, by Marcello deCecco, Review, Journal of Modern History, September 1977, pp. 490‑491.
The Bank of
The Golden Constant: The English and American Experience, 1560‑1976, by Roy W. Jastram, Review, Journal of Economic History, September 1978, pp. 784‑786.
Growth and Fluctuations, 1870‑1913, by W. Arthur Lewis, Review, The Journal of European
Economic History, Fall 1979, Vol. 8, pp. 504‑506.
Writings of John Maynard Keynes, Volume 21.
Activities 1931‑1939: World Crisis and Policies in
The Floating Pound and the Sterling Area, 1931‑1939, by Ian Drummond, Review, Journal of European Economic History, Winter 1984, Vol. 13, pp. 668‑670.
The Development and Operation of Monetary Policy, 1960‑1983; a selection of material from the Quarterly Bulletin of the Bank of England. Review. The Banker, February 1985, pp. 100‑101.
A Financial History of Western Europe, by Charles P. Kindleberger, Review, The Journal of European Economic History (forthcoming).
World Inflation Since 1950: An International Comparative Study, by A.J. Brown, Review, Economic History Review, November 1986, 670‑72.
The Gold Standard in Theory and History, B. Eichengreen, ed., Review, Journal of Economic History, December 1986, 1106‑08.
The Ongoing Revolution in American Banking, by Arthur F. Burns, Review, Journal of Economic Literature, December 1990, 1743-44.
Lessons from the Great Depression: The Lionel Robbins Lectures for 1989, by Peter Temin, Review, Economica, November 1991, 535-36.
Milton Friedman: Economics in Theory and Practice by Abraham Hirsch and Neil de Marchi, Review, Economic Journal, July 1992, 959-61
The Golden Age of the Quantity Theory, by David Laidler, Review, Journal of the History of Economic Thought, Fall 1992, 292-95.
International Economic Transactions, Peter Hooper and J.D. Richardson, eds. Review, JOICE 3(2), 1994, 147-56.
The Evolution of
International Monetary Cooperation Since Bretton Woods by Harold James, Review, Journal of Economic History, December 1997, 982-83.
The Banking Panics of the Great Depression by Elmus Wicker, Review, Journal of Economic Literature, March 1998, 275-76.
Globalizing Capital: A History of the International Monetary System by Barry Eichengreen,
Review, Journal of Economic History, June 1998, 617-18.
Exchange Rate Regimes in the Twentieth Century by
Derek H. Aldcroft and Michael J. Oliver. Review, Economic History Services,
The International Origins of the Federal Reserve System by J. Lawrence Broz. Review.
American Historical Review, February, 2000, 238.
Charting Twentieth Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917-1927, by Silvano A. Wueschner. Review, Economic Record (forthcoming).
The Big Problem of Small Change by Thomas J. Sargent
and Francois R. Velde. Review, Economic History Services,
Financial Crises and What to Do about Them by Barry
Eichengreen. Review, Economic History Services,
Money Doctors: The Experience of Financial Advising,
1850-2000. Marc Flandreau (ed.)
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Global Imbalances and the Lessons of Bretton Woods: The Cairoli Lectures by Barry J. Eichengreen. Review, Economic History Services, March, 2007, URL: