Money Monetary Policy

Read e-book online A Program For Monetary Stability PDF

By Milton Friedman

ISBN-10: 0585171114

ISBN-13: 9780585171111

ISBN-10: 0823203719

ISBN-13: 9780823203710

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In each case monetary factors played a critical role. The Period from 1837 to 1843 The banking panic of 1837 was followed by exceedingly disturbed economic conditions and a long contraction to 1843 that was interrupted only by a brief recovery from 1838 to 1839. This Great Depression is particularly interesting for our purposes. It is the only depression on record comparable in severity and scope to the Great Depression of the 1930's, and its monetary concomitants largely duplicate those of its later mate.

Another reform that I proposed in the same lecture and that has recently become extremely topical is with respect to the management of the public debt. I proposed simplification of the securities issued by the Treasury, issuance of all securities by auction, and the use of what has come to be called a "Dutch" auction under which all successful bidders pay the same price rather than, as now, the Page xi price they bid. Defects in debt management have received attention because of the Salomon Brothers scandal, which could not have arisen if my proposals had been adopted.

To say this is not to criticize Page 17 the monetary authorities, given their problem. The Federal Reserve System had been established in the expectation that the gold standard would continue to be the major determinant of the stock of money. No sooner had it been established than the war produced a large-scale abandonment of the gold standard. There was no strictly comparable American experience on which to base policy or to judge the effects of actions designed to stimulate or retard monetary expansion.

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A Program For Monetary Stability by Milton Friedman

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