Editor's note.

• Author: Dorn, J.A.

Milton Friedman and Anna Schwartz's A Monetary History of the United States, 1867-1960 (Princeton University Press, 1963) is perhaps the most influential work in economic history of the 20th century. The book, a perfect combination of historical narrative, empirical work, and theoretical analysis, was the major force in refocusing the economics profession's thinking about the importance of money in generating business fluctuations. It also showed how the severity of the Great Depression was in large part due to the mistakes of the Federal Reserve.

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