Money, History, and International Finance: Essays in Honor of Anna J. Schwartz (National Bureau of Economic Research Conference Report)

288 Pages·1989·14.47 MB·English

by  Michael D. Bordo

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Money, History, and
International Finance
A National Bureau
of Economic Research
Conference Report
Money, History, and
International Finance:
Essays in Honor of
Anna J. Schwartz
Michael D. Bordo
Editedby
The University of Chicago Press
Chicago and London
MICHAEDL. B O Ris~ pr ofessor of economics at the University of
South Carolina and a research associate of the National Bureau of
Economic Research.
The University of Chicago Press, Chicago 60637
The University of Chicago Press, Ltd., London
0 1989 by the National Bureau of Economic Research
All rights reserved. Published 1989
Printed in the United States of America
98 97 96 95 94 93 92 91 90 89 5 4 3 2 1
mThe paper used in this book meets the minimum requirements of
the American National Standards Institute for Informational
Sciences regarding permanence of paper for printed library
materials, ANSI 239.48- 1984.
Library of Congress Cataloging-in-Publication Data
Money, history, and international finance : essays in honor of
Anna J. Schwartz /edited by Michael D. Bordo.
p. cm. - (A National Bureau of Economic Research
conference report)
Bibliography: p.
Includes index.
ISBN 0-226-06593-6
I. Money-Congresses. 2. Economic history-Congresses.
3. International finance-Congresses. 4. Schwartz, Anna
Jacobson. 1. Schwartz, Anna Jacobson. 11. Bordo, Michael D.
111. Conference report (National Bureau of Economic Research)
HG203.M69 1989
332.4-dc19 88-39779
CIP
National Bureau of Economic Research
Officers
Richard N. Rosett, chairman Geoffrey Carliner, executive director
George T. Conklin, Jr., vice chairman Charles A. Walworth, treasurer
Martin Feldstein, president and chief Sam Parker, director offinance and
executive officer administrution
Directors at Large
John H. Biggs David L. Grove Robert T. Parry
Andrew Brimmer George Hatsopoulos Peter G. Peterson
Carl F. Christ Franklin A. Lindsay Robert V. Roosa
George T. Conklin, Jr. Paul W. McCracken Richard N. Rosett
Kathleen B. Cooper Leo Melamed Bert Seidman
Jean A. Crockett Geoffrey H. Moore Eli Shapiro
George C. Eads Michael H. Moskow Harold Shapiro
Morton Ehrlich James J. O’Leary Donald S. Wasserman
Martin Feldstein
Directors by University Appointment
Charles H. Berry, Princeton Merton J. Peck, Yale
James Duesenberry, Harvard James L. Pierce, CaliJ?ornia,B erkeley
Ann F. Friedlaender, Massachusetts Andrew Postlewaite, Pennsylvania
Institute of Technology Nathan Rosenberg, Stanford
Jonathan Hughes, Northwestern James Simler, Minnesota
Saul Hymans, Michigan William S. Vickrey, Columbia
J. C. LaForce, California, Los Angeles Burton A. Weisbrod, Wisconsin
Marjorie McElroy, Duke Arnold Zellner, Chicago
Directors by Appointment of Other Organizations
Richard Easterlin, Economic History Eric Kruger, The Conference Board
Association Rudolph A. Oswald, American
Edgar Fiedler, National Association of Federation of Labor and Congress of
Business Economists Industrial Organizations
Bruce Gardner, American Agricultural Douglas D. Purvis, Canadian Economics
Economics Association Association
Robert S. Hamada, American Finance Dudley Wallace, American Statistical
Association Association
Robert C. Holland, Committee for Charles A. Walworth, American Institute
Economic De*ielopment of Certified Public Accountants
David Kendrick, American Economic
Association
Directors Emeriti
Moses Abramovitz Frank W. Fetter George B. Roberts
Emilio G. Collado Thomas D. Flynn Willard L. Thorp
Solomon Fabricant Gottfried Haberler
Since this volume is a record of conference proceedings, it has been exempted from
the rules governing critical review of manuscripts by the Board of Directors of the
National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and
20 April 1968).
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Contents
Fore word ix
Martin Feldstein
Preface xi
Introduction
Michael D. Bordo 1
I. HISTORICPAELR SPECTIVES
1. The Contribution of A Monetary History
of the United States, 1867-1960 to
Monetary History 15
Michael D. Bordo
A Note on Anna J. Schwartz’s Contribution
to pre-1867 Monetary History: Hugh Rockoff
General Discussion
2. Anna Schwartz’s Perspective on British
Economic History 79
Forrest H. Capie and Geoffrey E. Wood
Comment: David Laidler
General Discussion
11. MONETARISPTE RSPECTIVES
3. Money-Income Causality-A Critical
Review of the Literature Since
A Monetary History 117
Phillip Cagan
Comment: Robert H. Rasche
General Discussion
vii
viii Contents
111. INTERNATIONMAOL NETARPYE RSPECTIVES
4. Stability Under the Gold Standard in
Practice 163
Allan H. Meltzer and Saranna Robinson
Comment: William Poole
General Discussion
5. The International Transmission of
Inflation Afloat 203
Michael R. Darby and James R. Lothian
Comment: Alan C. Stockman
General Discussion
Anna J. Schwartz: An Appreciation
A Life of Scholarship 245
Karl Brunner
Collaboration in Economics 247
Milton Friedman
Appendiu: Publications of Anna J. Schwartz 25 1
Participants 259
Name Index 263
Subject Index 267