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Until 1973 all money in use was either a commodity or was linked to
one. In this comprehensive two volume reference work Anna J.
Schwartz has brought together the key articles on the theme of
commodity monies. This invaluable collection discusses the forms
and standards of commodity monies, their theoretical underpinning
and their inherent problems.
This volume deals with the monetary history of Italy from its
independence in 1861 to 1992. It provides the first complete
analysis of a country which has experienced diverse and often
dramatic monetary conditions. The authors interpret Italian
monetary history through the looking glass of a model which, while
monetarist in flavour, is open to other interpretations. A key
theme is that public finance is at the root of the (relatively)
high Italian inflation rates. The authors argue that there is a
strong relationship between the government budget deficit and
monetary policy, and that the monetary authorities are too
dependent on government. The book contributes in a novel way not
only to the monetary debate, but also to fiscal and institutional
questions. It combines economic theory, statistical data and
history in an accessible way which should prove useful to both
economic historians and monetary economists.
This volume deals with the monetary history of Italy from its
independence in 1861 to 1992. It provides the first complete
analysis of a country which has experienced diverse and often
dramatic monetary conditions. The authors interpret Italian
monetary history through the looking glass of a model which, while
monetarist in flavour, is open to other interpretations. A key
theme is that public finance is at the root of the (relatively)
high Italian inflation rates. The authors argue that there is a
strong relationship between the government budget deficit and
monetary policy, and that the monetary authorities are too
dependent on government. The book contributes in a novel way not
only to the monetary debate, but also to fiscal and institutional
questions. It combines economic theory, statistical data and
history in an accessible way which should prove useful to both
economic historians and monetary economists.
Modern monetary economics has been significantly influenced by the
knowledge and insight brought to the field by the work of Anna J.
Schwartz, an economist whose career has spanned almost half a
century. Her contributions evidence a broad expertise in
international history and policy, and an ability to apply the
results of her careful historical research to current issues and
debates. "Money in Historical Perspective" is a collection of
sixteen of her papers selected by Michael D. Bordo and Milton
Friedman. Grouped into three sections, the essays constitute a
number of Dr. Schwartz's most cited articles on the subject of
monetary economics, many of which are no longer readily accessible.
In the papers in part I, dating from 1947 to the present, Dr.
Schwartz examines money and banking in the United States and the
United Kingdom from a historical perspective. Her investigation of
the historical evidence linking economic instability to erratic
monetary behavior2;this behavior itself a product of discretionary
monetary policy2;has led her to argue for the importance of stable
money, and her writings on these issues over the last two decades
form part II. The volume concludes with four recent articles on
international monetary arrangements, including Dr. Schwartz's
well-known work on the gold standard.
This volume of classic essays by Anna Schwartz will be a useful
addition to the libraries of scholars and students for its
exemplary historical research and commentary on monetary systems.
Inflation became the dominant economic, social, and political
problem of the industrialized West during the 1970s. This book is
about how the inflation came to pass and what can be done about it.
Certain to provoke controversy, it is a major source of new
empirical information and theoretical conclusions concerning the
causes of international inflation.
The authors construct a consistent data base of information for
eight countries and design a theoretically sound model to test and
evaluate competing hypotheses incorporating the most recent
theoretical developments. Additional chapters address an impressive
variety of issues that complement and corroborate the core of the
study. They answer such questions as these: Can countries conduct
an independent monetary policy under fixed exchange rates? How
closely tied are product prices across countries? How are
disturbances transmitted across countries?
"The International Transmission of Inflation" is an important
contribution to international monetary economics in furnishing an
invaluable empirical foundation for future investigation and
discussion.
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