A Monetary History Of The United States, 1867-1960 -

The work served as the foundation for , emphasizing stable monetary rules over discretionary government management. It has had a lasting impact on central banking; former Fed Chairman Ben Bernanke famously conceded to the authors on behalf of the Federal Reserve: "You're right, we did it. We're very sorry. But thanks to you, we won't do it again".

Today, the book is available in various formats, with Paperback editions and eBooks typically priced between $50 and $75. A Monetary History of the United States, 1867-1960

They utilized a "narrative approach," analyzing nearly a century of historical data to show that changes in money often preceded changes in economic activity, rather than just reacting to them. "The Great Contraction": A New History of the Depression The work served as the foundation for ,

The authors argued that the Depression was not a "market failure" but a "government failure." They blamed the Federal Reserve for allowing the money supply to shrink by one-third between 1929 and 1933. But thanks to you, we won't do it again"

The book contends that had the Fed maintained a steady money supply, the severe contraction could have been avoided or significantly mitigated. Key Historical Episodes Analyzed The book covers several distinct monetary eras: