A Monetary History of the United States, 1867-1960 by Friedman, Milton -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Contents Preface Chapter 1 - Introduction Chapter 2 - The Greenback Period

1. Composition of the Stock of Money in 1867

Division Between Currency and Deposits Division of Deposits Between National and Other Banks Composition of the Currency The Role of Gold

2. Changes in Money, Income, Prices, and Velocity 3. The Politics of Resumption 4. Factors Accounting for Changes in the Stock of Money 5. Special Problems Connected with the Greenback Period

The Premium on Gold The Premium and Purchasing-Power Parity Discrepancies Between Actual and Hypothetical Purchasing-Power Parity Price of Gold The Stock of Gold The Economics of Resumption

6. Summary

Chapter 3 - Silver Politics and the Secular Decline in Prices, 1879-97

1. Movements in Money, Income, Prices, and Velocity

The Cyclical Expansion from 1879 to 1882 The Cyclical Contraction from 1882 to 1885 Relative Stability from 1885 to 1891 The Disturbed Years from 1891 to 1897

2. The Politics of Silver 3. Factors Accounting for Changes in the Money Stock

Ratio of Deposits to Currency Ratio of Deposits to Reserves Changes in High-Powered Money

Treasury Cash Silver Legislation

Chapter 4 - Gold Inflation and Banking Reform, 1897-1914

1. The Rebound, 1897 to 1902

Changes in Money, Income, Prices, and Velocity The Shift in the Recorded Balance of Trade Why Should Capital Exports Have Occurred? Central-Banking Activities of the Treasury

2. Relatively Stable Growth, 1903-07 3. The Panic of 1907 4. Banking Reform in the Wake of Restriction of Payments 5. The Postpanic Period, 1908 to 1914 6. The Arithmetic of Changes in the Money Stock 7. A Retrospective Comparison

Chapter 5 - Early Years of the Federal Reserve System, 1914-21

1. Changes in the Monetary and Banking Structure 2. Wartime and Postwar Inflation

Period of U.S. Neutrality Period of Wartime Deficits Postwar Inflation

3. The Contraction of 1920-21

Chapter 6 - The High Tide of the Reserve System, 1921-29

1. The Course of Money, Income, Prices, and Velocity 2. Changes in Commercial Bank Operations 3. Development of Monetary Policy

The 1921 Annual Report on Principles of Monetary Policy The Tenth Annual Report on Principles of Monetary Policy The Dispute Over Control of Speculation by “Direct Pressure” Bills Versus Government Securities Relation of Discount Rate to Other Rates International Considerations Bank Suspensions

4. Factors Accounting for Changes in the Money Stock

Deposit-Reserve Ratio Deposit-Currency Ratio Composition of High-Powered Money Gold Movements and Gold Sterilization Other Movements in High-Powered Money Seasonal Movements

5. Summary

Chapter 7 - The Great Contraction, 1929-33

1. The Course of Money, Income, Prices, Velocity, and Interest Rates

The Stock Market Crash, October 1929 Onset of First Banking Crisis, October 1930 Onset of Second Banking Crisis, March 1931 Britain’s Departure from Gold, September 1931 Beginning of Large-Scale Open Market Purchases, April 1932 The Banking Panic of 1933

2. Factors Accounting for Changes in the Stock of Money

3. Bank Failures

Role of Bank Failures Origin of Bank Failures Federal Reserve System’s Attitude

4. International Character of the Contraction 5. Development of Monetary Policy

The Stock Market Crash, October 1929 From the Stock Market Crash to Britain’s Departure from Gold, 1929-31 Britain’s Departure from Gold, September 1931 Open Market Purchase Program of 1932 The Banking Panic of 1933

6. Alternative Policies

January 1930 to End of October 1930 January 1931 to End of August 1931 September 1931 to End of January 1932 The Problem of Free Gold 399

7. Why Was Monetary Policy So Inept?

Chapter 8 - New Deal Changes in the Banking Structure and Monetary Standard

1. Changes in the Banking Structure

Emergency Measures

Opening of Banks Effect on Number and Deposits of Banks Fate of Unlicensed Banks Effects on Money Stock Measures

Reform Measures Affecting the Banking Structure

Federal Insurance of Bank Deposits Other Changes

Changes in the Structure and Powers of the Federal Reserve System Policies of Banks

2. Changes in the Monetary Standard

Gold Policy The Silver-Purchase Program Composition of the Currency

Chapter 9 - Cyclical Changes, 1933-41

1. Changes in Money, Income, Prices, and Velocity 2. Factors Accounting for Changes in the Money Stock 3. Changes in High-Powered Money 4. Federal Reserve Policy 5. Changes in the Deposit-Reserve Ratio 6. Role of Monetary Factors in the 1937 Contraction and Subsequent Recovery

Chapter 10 - World War II Inflation, September 1939-August 1948

1. U.S. Neutrality, September 1939-November 1941 2. Period of Wartime Deficits, December 1941-January 1946

Price Movements Behavior of Velocity Proximate Determinants of the Rise in the Money Stock Basic Determinants of the Rise in the Money Stock Effect of War Loan Drives

3. From the End of the War to the Price Peak, August 1945-August 1948 4. The Balance of Payments

Chapter 11 - Revival of Monetary Policy, 1948-60

1. Behavior of Money, Income, Prices, and Velocity 2. Factors Accounting for Changes in the Money Stock

Decline in the Money Stock, January 1948-November 1949 The Korean War Period The Crisis in Early 1953 The Period from 1954 to 1960

3. Developments in Monetary Policy

The Treasury-Federal Reserve Accord Policy Criteria to Replace Support of Government Bond Prices “Bills Only” or “Bills Preferably”

4. Why the Stable Rate of Growth of the Money Stock?

Chapter 12 - The Postwar Rise in Velocity

1. Changes in the Return on Alternative Assets

Interest Rates Rates of Change in Prices

2. Development of Money Substitutes 3. Combined Effect of Factors So Far Considered 4. Expectations About Stability

Chapter 13 - A Summing Up

1. Relation Between the Stock of Money and Other Economic Variables 2. Stability of Monetary Relations 3. Independence of Monetary Changes 4. Deceptiveness of Appearances

Appendixes

Appendix A: Basic Tables Appendix B: Proximate Determinants of the Nominal Stock of Money

1. Classification of Types of Money, by Holders 2. Simplified Cross-Classification 3. Specie Standard with No Money Issued by Monetary Authorities 4. A Pure Fiduciary Standard 5. A Mixed Specie and Fiduciary Standard: A Special Case 6. A More General Case of a Mixed Specie and Fiduciary Standard 7. Contribution of the Determinants to Changes in the Stock of Money 8. Contribution of Components to Changes in High-Powered Money

Director’s Comment Indexes

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