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  4. Fall 2024
  5. Retrospectives: Friedman and Schwartz, Disaggregated

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Retrospectives: Friedman and Schwartz, Disaggregated

  • Jennifer Burns
Journal of Economic Perspectives
vol. 38, no. 4, Fall 2024
(pp. 211–28)
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Abstract

What was the contribution of Anna Schwartz to the landmark book she co-authored with Milton Friedman, A Monetary History of the United States, 1867–1960? A close examination of archival evidence suggests three primary contributions Schwartz made to the work, and to Friedman's career more generally. The first was meeting the classic challenge of quantitative economic history: going into the field to locate and collect archival data that had been assembled for purposes unrelated to economic research, and deciding how best to use that data. Second, Schwartz had a decades-long role as technical sounding board and shaper of the statistical approach taken in the book. Schwartz's third and arguably greatest contribution was to transform A Monetary History of the United States into a compelling narrative argument that made an impact far beyond the economics profession. Together, these findings show Schwartz to be a scholar who made significant and lasting contributions to monetary economics, economic history, and the broader field of economics.

Citation

Burns, Jennifer. 2024. "Retrospectives: Friedman and Schwartz, Disaggregated." Journal of Economic Perspectives, 38 (4): 211–28. DOI: 10.1257/jep.38.4.211

Additional Materials

JEL Classification

  • B22 History of Economic Thought: Macroeconomics
  • B31 History of Economic Thought: Individuals
  • E30 Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
  • E40 Money and Interest Rates: General
  • E50 Monetary Policy, Central Banking, and the Supply of Money and Credit: General
  • N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
  • N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
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