A Monetary History of the United States
Co-authored by Milton Friedman and Anna J. Schwartz, *A Monetary History of the United States* is a landmark work spanning 93 years of U.S. economic and financial history (1867–1960). Through rigorous empirical analysis, the book traces fluctuations in the money supply and their profound, often underrecognized, impact on pivotal events—from the paradoxical Greenback Era where deflation coincided with rapid economic growth to bitter gold-silver debates, the creation of the Federal Reserve, the catastrophic policy failures of the Great Depression, and post-WWII monetary policy evolution. Challenging conventional wisdom, Friedman and Schwartz argue that changes in the money stock are independent drivers of economic booms and busts, not just passive responses to shifts. This seminal text redefined monetary policy’s role, offering timeless insights into how monetary decisions shape national prosperity and crisis.