The inflationary impact of wartime financing and the eventual revival of independent monetary policy in the 1950s. Intellectual Legacy
In the long run, the growth of the money supply primarily affects the price level (inflation), while in the short run, it can lead to changes in real output. A Monetary History of the United States, 1867-1960
Today, the book is available in various formats, with Paperback editions and eBooks typically priced between $50 and $75. The inflationary impact of wartime financing and the
Published in 1963, by Milton Friedman and Anna J. Schwartz is considered one of the most influential economics books of the 20th century. It fundamentally shifted the economic consensus by arguing that the money supply is a primary driver of economic activity and stability. The Core Thesis: "Money Matters" Published in 1963, by Milton Friedman and Anna J
Changes in the money supply profoundly influence the economy's behavior, including fluctuations in income and prices.
The transition from private clearinghouses to a centralized monetary authority.
The aftermath of the Civil War and the return to the gold standard.