January 2006
CURRICULUM VITAE
Anna J. Schwartz National Bureau of Economic Research
490 West End Avenue 365 Fifth Avenue, 5th Floor
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 Science (Honoris Causa),
Distinguished Fellow, American Economic Association, 1993
Staff Director:
Honorary Fellow, Institute of Economic Affairs, 1997
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 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.
(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
1989
“Comment on Barry
Eichengreen, ‘Trade Deficits in the Long Run.’”
In A. E. Burger (ed.),
(with Michael 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 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:
What’s Fact and What’s 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.
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
Fed’s 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.
1996
(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,
135-193.
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 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.
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 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.
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 St. Louis Review 87, No. 2, Pt. 2 (March/April): 349-52.
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.
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,
Money Doctors: The Experience of Financial Advising,
1850-2000. Marc Flandreau (ed.)
Review, Economic History Services,