January 2010
CURRICULUM VITAE
Anna J. Schwartz National Bureau of Economic Research
Education:
Research: National Bureau of Economic Research, Inc., 1941 to date
Adjunct Professor of Economics, 1986‑
Teaching:
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
Doctor
of Letters (Honoris Causa),
Doctor of Arts (Honoris Causa),
Doctor of Laws (Honoris Causa),
Doctor of
Laws (Honoris Causa),
Doctor of Letters (Honoris Causa),
Doctor of Humane Letters (Honoris Causa),
Doctor
of Laws (Honoris Causa),
Doctor of Humane Letters (Honoris Causa), Loyola University of Chicago, 2003
Doctor
of Science (Honoris Causa),
Distinguished Fellow, American Economic Association, 1993
Staff
Director:
Honorary Fellow, Institute of Economic Affairs, 1997
Fellow,
BOOKS
1953
(with A. D.
Gayer and W.W. Rostow) The Growth and
Fluctuation of the British Economy, 1790-1850.
1963
(with Milton
Friedman) A Monetary History of the
1970
(with Milton
Friedman) Monetary Statistics of the
1982
(with Milton
Friedman) Monetary Trends in the
1983
(with M. R.
Darby et al.) The International
Transmission of Inflation.
1984
A Retrospective on the Classical Gold Standard, 1821-1931
(Introduction and Co-Editor with Michael D. Bordo).
1987
Money in Historical Perspective.
The Search for Stable Money:
Essays on Monetary Reform (Co-Editor with James A. Dorn)
1992
Commodity Monies, 2
vols. (Editor).
ARTICLES
1940
(with A.D.
Gayer and
1947
(with E.
Oliver) Currency Held by the Public, the Banks, and the Treasury, Monthly,
December 1917-December 1944. NBER Technical Paper No. 4.
The Beginning
of Competitive Banking in
An Attempt at
Synthesis in American Banking History, Journal
of Economic History 7, 208-216.
1960
Gross
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.
24.
1963
(with Milton
Friedman) Money and Business Cycles, Review
of Economics and Statistics 45, 32-64.
1969
(with Milton
Friedman) The Definition of Money, Journal
of Money, Credit, and Banking 1, 1-14.
Short-Term
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.
1972
The Aliber,
Dewald, and Gordon Papers, A Comment, Journal
of Money, Credit, and Banking 4, 978-984.
1973
Secular Price
Change in Historical Perspective, Journal
of Money, Credit, and Banking 5, 243-269.
1975
(with Phillip
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.
Monetary
Trends in the
Comments. In
W. L. Silber (ed.), Financial Innovation. Health, 1975, pp. 45-51.
1976
Comments. In J. Stein (ed.), Monetarism.
(with Milton Friedman) From Gibson to Fisher, Explorations in Economic Research 3, 288-291.
1977
(with Michael
D. Bordo) Issues in Monetary Economics and Their Impact on Research in
Economic History. In R. E. Gallman (ed.), Research
in Economic History.
Policies for
Research in Monetary Economics. In M.
Perlman (ed.), The Organization and
Retrieval of Economic Knowledge.
1978
Comments on
Papers by Fourcans, Fratianni, and Korteweg, Carnegie-Rochester Conference Series on Public Policy 7, 193-201.
1979
The Banking
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.
1980
(with Michael
D. Bordo) Money and Prices in the Nineteenth Century: An Old Debate Rejoined,
Journal of Economic History 40, March
1980, pp. 6167.
1981
Understanding
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
Lecture.
1982
(with Milton
Friedman) The Effect of the Term Structure of Interest Rates on the Demand for
Money in the
(with Milton
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.
1983
(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.
1984
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.
Comments on
the Paper by Alan Budd, Sean Holly, Andrew Longbottom and David Smith. In B. Griffiths and G. E. Wood (eds.), Monetarism in the
1986
Comments on
Rudiger Dornbusch and Stanley Fischer, The Open Economy: Implications for
Monetary and Fiscal Policy. In R. J.
Gordon (ed.), The American Business Cycle.
Real and
Pseudo Financial Crises. In F. Capie
and G. E. Wood (eds.), Financial Crises
and the World Banking System.
Alternative
Monetary Regimes: The Gold Standard. In
C. Campbell and
Sustained
Recovery and Trade Liberalization: How the Transfer Problem Can Be
Solved. In H. Giersch (ed.), The International Debt Problem: Lessons for
the Future.
Assessing the
Feds 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.
(with Milton
Friedman) The Failure of the Bank of
1987
(with Michael
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.
1988
Bank
Runs and Deposit Insurance Reform, Cato
Journal 7, 589-594.
Financial
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.
1989
Comment on
Barry Eichengreen, Trade Deficits in the Long Run. In A. E. Burger (ed.),
(with Michael
D. Bordo) The ECUAn Imaginary or Embryonic Form of Money. What Can We Learn
from History? In P. De Grauwe and T.
Peeters (eds.), The ECU and European
Monetary Integration.
Comment on
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
Wealth.
(with Michael
D. Bordo) Transmission of Real and Monetary Disturbances under Fixed vs.
Floating Rates, Cato Journal 8, 451-472.
International
Debts: Whats Fact and Whats Fiction, Economic
Inquiry 27, 1-19.
The Effects
of Regulation on Systemic Risk. In The Financial Services Industry in the Year
2000: Risk and Efficiency.
(with Michael
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.
1990
(with Michael
D. Bordo and E.U. Choudhri), Money Stock Targeting, Base Drift and Price Level
Predictability: Lessons from the
1991
Comment on
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.
Monetarism and
Monetary Policy. Institute of Economic
Affairs Occasional Paper No. 86,
1992
(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 Feds Discount Window, Federal
Reserve Bank of St. Louis Review 74, 58-69.
Do Currency
Boards Have a Future? Institute of Economic Affairs Occasional Paper No. 88,
1993
A Commodity
Standard for
International
Financial Liberalization and Exchange Rate Policies, Cato Journal 13, 273-277.
Comment on
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.
Currency
Boards: Their Past, Present, and Possible Future Role, Carnegie
(with Jerry L.
Jordan, Allan H. Meltzer, and Thomas J. Sargent)
An Assessment
of Monetary Regimes. In M. D. Bordo and
F. H. Capie (eds.), Monetary Regimes in
Transition.
Are Central
Banks Necessary? Critical Review 7,
355-370.
1995
(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.
Stability,
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.
1996
European
Monetary
(with Michael
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.
1997
Comments on
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.
1998
(with Michael
D. Bordo and B. Mizrach) Real Versus Pseudo-International Systemic Risk:
Lessons from History. Review of
Why Financial
Stability Depends on Price Stability.
In G. E. Wood (ed.), Money, Prices
and the Real Economy.
Asian Banking
Crises in the 1990s: All Alike? In G.
G. Kaufman (ed.), Bank Crises: Causes,
Analysis and Prevention.
1999
(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.
2000
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.
Must
Political
(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.
Assessing
IMFs 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.
2001
Comment on M.B. Devereux and C. Engel,
The Optimal Choice of Exchange Rate Regime:
Price-Setting
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).
2002
(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.
Comments:
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.
2003
Asset Price
Inflation and Monetary Policy, Atlantic
Economic Journal 31, 1-14.
Comment on
Hugh Rockoff, The
Comment on
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.
(with Michael
D. Bordo) Charles Goodharts 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.
2004
(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.
2005
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
2006
(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
2007
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.
2008
(with Edward Nelson) The Impact of Milton Friedman on Modern Monetary
Economics: Setting the Record Straight on Paul Krugmans Who was Milton
Friedman?
Journal of Monetary
Economics 55: 835856.
(with Edward Nelson) Rejoinder
to Paul Krugman. Journal of Monetary Economics 55(4): 861-862.
(with Walker F. Todd)
Why a Dual Mandate is Wrong for Monetary Policy
International
Finance 11(2):167-183.
BOOK REVIEWS
English Bank Note Circulation, 1694‑1954, by Emmanuel Coppieters, Review, Journal of Political Economy, August 1956, pp. 353‑354.
The
Origins of
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.
The Collected
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,
http://www.eh.net/bookreviews/library/0201
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,
http://www.eh.net/bookreviews/library/0679
Money Doctors: The Experience of Financial Advising,
1850-2000. Marc Flandreau (ed.)
Review, Economic History Services,
Global Imbalances and the Lessons of Bretton Woods: The Cairoli Lectures by Barry J. Eichengreen. Review, Economic History Services, March, 2007, URL:
http://www.eh.net/bookreviews/library/title