A Program for Monetary Stability

A Program for Monetary Stability

A Program for Monetary Stability

A Program for Monetary Stability

Excerpt

This book consists of a slightly revised and expanded version of the Moorhouse I. X. Millar Lectures that I had the honor to give at Fordham University in October 1959. The suggestions for monetary reform it contains, and even more, the evidence adduced in support of them, are largely a by-product of my recent research in the field of money: a large-scale study, now nearly complete, of the secular and cyclical behavior of the money supply in the United States on which I have been collaborating with Mrs. Anna J. Schwartz under the auspices of the National Bureau of Economic Research, and a variety of research projects in the same general area on which I have been cooperating with members of the Workshop in Money and Banking of the University of Chicago. Although I owe much to those with whom I have worked in this research, none bears any responsibility for the policy views expressed herein.

I owe a heavy debt to Mrs. Schwartz. In addition to her contribution to the basic research, she checked details for accuracy, corrected errors in my early drafts, and made numerous helpful suggestions on broader matters of both content and organization. I have benefitted also from comments on early drafts by my wife, Rose Director Friedman, and by a number of other friends, including Gary Becker, Arthur F. Burns, John Deaver, Aaron Director, Harry G. Johnson, Reuben Kessel, David Meiselman, and George J. Stigler. The discussions follow-

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