By Milton Friedman
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Additional resources for A Program For Monetary Stability
The price fall did not occur evenly during the period. Most of the fall came from 1873 to 1879, a period of economic contraction and of declining capital inflows from abroad. It was likewise a period when the money supply fell a trifle. Though concentration on money rather than real magnitudes has caused this contraction to be adjudged even more severe than it actually was, it was nevertheless one of the longest and more severe on record. Yet the remarkable feature of this period is that so sharp a price decline did not produce an even sharper decline in output.
Miss Emily Schossberger and Edwin A. , of the Fordham University Press have been equally helpful in the publication of the lectures. I am much indebted to all three. MILTON FRIEDMAN DECEMBER 16, 1959 UNIVERSITY OF CHICAGO Page 1 Chapter One The Background of Monetary Policy The past three decades have seen first a sweeping revolution against previously accepted economic thought about the role of monetary factors in economic change and then a counterrevolution that is still incomplete but promises to be no less sweeping.
But in this initial phase, it is hard to trace any very direct effect of Federal Reserve policy on economic activity; the connection may as readily have been in the opposite direction. The serious fault of the Federal Reserve dates from the end of 1930, when a series of bank failures, including the notable failure of the Bank of the United States in New York, changed the monetary character of the contraction. Prior to that date, there was no sign of a liquidity crisisthe ratio of currency to deposits was relatively stable or falling.
A Program For Monetary Stability by Milton Friedman