Feisty, fearless economist anna schwartz dead at 96. The authors concisely analyze nearly 100 years of monetary history and prove why monetary economics matter. Posted in 200708 financial crisis, history of economics tagged with. A monetary history of the united states, 18671960 is a book written in 1963 by nobel prizewinning economist milton friedman and anna j. A memoir of a crisis and its aftermath, by ben bernanke norton, 624 pp.
Jun 21, 2012 anna schwartz, an economist and coauthor with milton friedman of a book on monetary policy that shaped the views of central bankers including federal reserve chairman ben s. The pros and cons of friedman and schwartzs interpretation have been grist for many a book. Anna schwartz coauthored with milton friedman the monetary history of the us. This is the argument that the federal reserve caused the great depression, prompting ben bernankes famous apology to the. Nonmonetary effects of the financial crisis in the. This paper examines the effects of the financial crisis of the 1930s onthe path of aggregate output during that period. I will only add here that anna schwartz, when asked about the feds unprecedented response to the difficulties of 200709, dryly remarked that bernanke seemed to know only two figures, trillion and zero. Anna schwartz was an expert economist and brilliant academic who is best known. A memoir of a crisis and its aftermath, and principles of microeconomics, and more on. Former federal reserve chairman ben bernanke referred to a monetary.
Youre better off reading milton friedman and anna jacobson schwartzs a monetary history of the united states, which i think is a better account. She was a prolific economic scholar and produced a large volume of work including nine books on monetary policy. Bernstein xiii the great contraction, 19291933 by milton friedman and anna jacobson schwartz 1 remarks by ben s. Bernanke, the federal reserve chairman, called it the leading and. Shiller describes the book as the most influential account of the great depression. The great contraction, 19291933 princeton university press. This view persists to this day despite the more than 40 years since milton friedman and anna jacobson schwartz showed convincingly that the federal reserves monetary policies were largely to blame for the severity of the great depression. This book placed the blame for the great depression at the door of the federal.
Bernanke served as chairman of the federal reserve from 2006 to 2014. Youre better off reading milton friedman and anna jacobson schwartz s a monetary history of the united states, which i think is a better account. This is the argument that the federal reserve caused the great depression, prompting ben bernanke s famous apology to the. I bought the book when i was a teenager, and have read it many times although i dont recall ever finishing it. November 11, 1915 june 21, 2012 was an american economist who worked at the national bureau of economic research in new york city and a writer for the new york times. Oct 05, 2015 the courage to act satisfies that curiosity with an interesting read about bernanke s life, largely focused on the 2007 financial crisis and its aftermath.
Anna schwartz, the economist, who has died aged 96, collaborated with milton friedman on a classic study of the great depression that has had a direct impact on the way in which modern central. Keynes was more contemporary, so maybe had not as much perspective. Fed chief ben bernanke suggests some dry, but important reading to consider. Bernanke has 88 books on goodreads with 9487 ratings. Anna schwartz, an economist and coauthor with milton friedman of a book on monetary policy that shaped the views of central bankers, died june 21 in new york city. Schwartz died today at age 96the lessheralded partner of milton friedman in his celebrated work on monetary history. Bernanke is fighting the last war everything works much better when wrong decisions are punished and good decisions make you rich. Since then, the federal reserve and the treasury have taken a series. Episodes in monetary history harvest book milton friedman. Anna jacobson schwartz was an american economist who worked at the national bureau of economic research in new york city and a writer for the new york times.
The best books on the lessons of the great depression five. Nonmonetary effects of the financial crisis in the propagation of the great depression ben s. Marginal revolution university video for anna schwartz. Sep 01, 2007 in 2002 ben bernanke then a federal reserve governor, today the chairman of the board of governors made this startling admission in a speech given in honor of friedmans 90th birthday. The best books on the lessons of the great depression.
Schwartz, a research economist who wrote monumental works on. Jun 25, 2012 feisty, fearless economist anna schwartz dead at 96. Anna schwartz, an economist and coauthor with milton friedman of a book on monetary policy that shaped the views of central bankers, including federal reserve chairman ben s. Economist anna schwartz cowrote classic on us monetary history. Schwartz utile mais courte, et le discours prononce par bernanke.
Its conclusion, first published in the early 1960s, differs from the two main explanations that existed at the time. Paul krugman once said that schwartz is one of the worlds greatest monetary scholars. Anna schwartz was the coauthor of a monetary history of the united states. Jul 26, 2009 ben bernankes extreme ease of monetary policy will only increase the severity of the recession. New edition princeton classic editions friedman, milton, schwartz, anna jacobson, schwartz, anna jacobson, bernstein, peter l. Jun 22, 2012 anna schwartz, an economist and co author with milton friedman of a book on monetary policy that shaped the views of central bankers including federal reserve chairman ben s. Ben bernanke on the financial crisis financial post. Themoneyillusion anna schwartz and andrew sarris, rip. She earned the titles of distinguished fellow at the american economic association and fellow at. It is, i believe, the 7th chapter in friedmanschwarz book on the monetary. Pretty much every central bank in operation today lifts its policies directly from the books pages. Jun 21, 2012 anna schwartz by david shankbone photo credit. Schwartz collaborated with milton friedman, who is a nobel economics prize winner, on a monetary history of the united states, 18671960, which was published in 1963.
New preface by anna jacobson schwartz ix introduction. Oped in opposition to january 2010 reappointment of ben bernanke as federal reserve board chair. Anna schwartz was his coauthor for what would become one of the most important volumes of economic scholarship of the entire 20th century. Anna schwartz, economist and collaborator with friedman.
Ben bernanke, now chairman of the fed, has called the 888page. Prior to his career in public service, he was a professor of economics at princeton university. Its almost certainly the most influential book on macro history ever written, and i view. Anna jacobson schwartz was an american economist who worked at the national bureau of. Milton friedman and anna schwartz in 1963 published a monetarist interpretation that revolutionized our understanding.
Ben bernanke, originally made on the occasion of milton friedmans 90th birthday. This edition of the original text includes a new preface by anna jacobson schwartz, as well as a new introduction by the economist peter bernstein. Bernanke, ben and a great selection of related books, art and collectibles available now at. Milton friedman author, anna jacobson schwartz author format. Ben bernankes labor day reading list deal journal wsj. Anna schwartz was an expert economist and brilliant academic who is best known for her collaboration with economist milton friedman, a monetary history of the united states 18671960. Aug 29, 2012 anna schwartz, the economist, who has died aged 96, collaborated with milton friedman on a classic study of the great depression that has had a direct impact on the way in which modern central. Jun 22, 2012 anna schwartz, an economist and coauthor with milton friedman of a book on monetary policy that shaped the views of central bankers, including federal reserve chairman ben s. Anna schwartz, ben bernanke, bength holmstrom, charles kindleberger, gary gorton, john hicks, lawrence summers, milton friedman, paul samuelson, peter temin, timothy geithner, walter bagehot. Schwartz a monetary history of the united states, 18671960 is an analysis and explanation of the great depression of the 1930s. Sep 26, 2012 ben bernanke print by dave schwartz wednesday, september 26, 2012. In 2002 ben bernanke then a federal reserve governor, today the chairman of the board of governors. Anna jacobson schwartz is a research associate at the national bureau of.
Anna schwartz anna schwartz, the economist, who has died aged 96, collaborated with milton friedman on a classic study of the great depression that has had a direct impact on the way in which. He was named time magazines person of the year in 2009. Messy times for ben bernanke and the fed the new york times. Two people just passed away who had a big impact on my worldview. Bernanke focused less on the role of the federal reserve and more on the role of private banks and financial institutions. A monetary history of the united states, 18671960 by milton friedman and anna schwartz is an epic in economic literature. Ben bernanke, the federal reserve chairman, called it the leading and most persuasive explanation of the worst economic disaster in american history. I felt so enthralled that although id borrowed the kindle version from the library, i wound up purchasing it so i can reread later.
Sep 02, 2010 thinking about thumbing through that detective novel or thriller this labor day weekend. The best books on learning from the great depression a five. Nobel laureate milton friedman on the influential 1963 book, and she wrote. Was it the contractionary monetary policy implemented by the fed.
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