Institutions, Policy, and Monetary Analysis
Journal of Political Economy
1965
The book by Milton Friedman and Anna Schwartz 'A monetary history of the United States, 1867-1960' (Princeton Univ. Press, 1963) is reviewed. The review is divided as follows: (1) Money-supply theory: base, multiplier, and money stock; reserve ratio and currency ratio; explanation of the base. (2) Velocity theory: breakdown of the permanent-income hypothesis of velocity; search for an explanation; case against 'the case against interest rates'; case for interest rates. (3) Monetary policy.
- DOI
- 10.1086/259010
- Volume
- 73 (2)
- Pages
- 197-218
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref