Friedman Milton - A Monetary History of the United States, 1867-1960

Studies in Business Cycles

(Titles 1 through 12 that are not listed below in the series are available through the National Bureau of Economic Research.)

6. Personal Income during Business Cycles, by Daniel Creamer with the assistance of Martin Bernstein

9. Federal Receipts and Expenditures During Business Cycles, 1879-1958 by John M. Firestone

10. Business Cycle Indicators: Volume I, Contributions to the Analysis of Current Business Conditions; Volume II, Basic Data on Cyclical Indicators, edited by Geoffrey H. Moore

12. A Monetary History of the United States, 1867-1960, by Milton Friedman and Anna Jacobson Schwartz

A Monetary History
of the
United States
1867-1960

MILTON FRIEDMAN
ANNA JACOBSON SCHWARTZ

A STUDY BY THE
NATIONAL BUREAU OF ECONOMIC RESEARCH, NEW YORK

PUBLISHED BY
PRINCETON UNIVERSITY PRESS, PRINCETON

Copyright 1963, by National Bureau of Economic Research

All Rights Reserved

L.C. Card: 63-7521

ISBN 0-691-00354-8 (paperback edn.)

ISBN 0-691-04147-4 (hardcover edn.)

First Princeton Paperback Edition, 1971

Fifth Hardcover Printing, 1971

Ninth Paperback Printing, 1993

25 27 29 30 28 26 24

Princeton University Press books are printed on acid-free paper and meet the guidelines for permanence and durability of the Committee on Production Guidelines for Book Longevity of the Council on Library Resources

Printed in the United States of America

ISBN-13: 978-0-691-00354-2 (pbk.)

ISBN-10: 0-691-00354-8 (pbk.)

1. The object of the National Bureau of Economic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object.

2. To this end the Board of Directors shall appoint one or more Directors of Research.

3. The Director or Directors of Research shall submit to the members of the Board, or to its Executive Committee, for their formal adoption, all specific proposals concerning researches to be instituted.

4. No report shall be published until the Director or Directors of Research shall have submitted to the Board a summary drawing attention to the character of the data and their utilization in the report, the nature and treatment of the problems involved, the main conclusions, and such other information as in their opinion would serve to determine the suitability of the report for publication in accordance with the principles of the National Bureau.

5. A copy of any manuscript proposed for publication shall also be submitted to each member of the Board. For each manuscript to be so submitted a special committee shall be appointed by the President, or at his designation by the Executive Director, consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript committee shall be stated to each Director when the summary and report described in paragraph (4) are sent to him. It shall be the duty of each member of the committee to read the manuscript. If each member of the special committee signifies his approval within thirty days, the manuscript may be published. If each member of the special committee has not signified his approval within thirty days of the transmittal of the report and manuscript, the Director of Research shall then notify each member of the Board, requesting approval or disapproval of publication, and thirty additional days shall be granted for this purpose. The manuscript shall then not be published unless at least a majority of the entire Board and a two-thirds majority of those members of the Board who shall have voted on the proposal within the time fixed for the receipt of votes on the publication proposed shall have approved.