WorldCat Identities

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Schwartz, Anna J.

Works: 77 works in 157 publications in 2 languages and 258 library holdings
Genres: History  Conference proceedings 
Roles: Editor, Author of introduction
Classifications: HG297, 332.4222
Publication Timeline
Most widely held works by Anna J Schwartz
Monetary Trends in the United States and the United Kingdom Their Relations to Income, Prices, and Interest Rates by Milton Friedman( )

2 editions published between 1982 and 2011 in English and held by 22 WorldCat member libraries worldwide

The special task of this book is to present a statistical and theoretical analysis of the relation between the quantity of money and other key economic magnitudes over periods longer than those dominated by cyclical fluctuations-hence the term trends in the title. This book is not restricted to the United States but includes comparable data for the United Kingdom
Could stable money have averted the Great Contraction? by Michael D Bordo( )

5 editions published between 1993 and 1995 in English and held by 11 WorldCat member libraries worldwide

We test the hypothesis that the Great Contraction would have been attenuated had the Fed not allowed the money stock to decline. We do so by simulating a model that estimates separate relations for output and the price level and assumes that output and price dynamics are not especially sensitive to policy changes. The simulations include a strong and a weak form of Friedman's constant money growth rule. The results support the hypothesis that the Great Contraction would have been mitigated and shortened had the Fed followed a constant money growth rule
Why clashes between internal and external stability goals end in currency crises, 1797-1994 by Michael D Bordo( )

4 editions published between 1995 and 1997 in English and held by 11 WorldCat member libraries worldwide

We argue that recent currency crises reflect clashes between fundamentals and pegged exchange rates, just as did crises in the past. We reject the view that crises reflect self-fulfilling prophecies that are not closely related to measured fundamentals. Doubts about the timing of a market attack on a currency are less important than the fact that it is bound to happen if a government's policies are inconsistent with pegged exchange rates. We base these conclusions on a review of currency crises in the historical record under metallic monetary regimes and of crises post-World War II under Bretton Woods, and since, in European and Latin American pegged exchange rate regimes
What has foreign exchange market intervention since the plaza agreement accomplished? by Michael D Bordo( )

6 editions published between 1990 and 1991 in English and held by 11 WorldCat member libraries worldwide

We review the conduct and scale of official intervention by monetary authorities in the U.S.A., Japan, and West Germany since the Plaza Agreement. Relative to trading volume and the stock of internationally traded assets denominated in foreign currencies, intervention is small--scale and sporadic, hence at best limited to transitory effects. It does not appear to reduce volatility of daily exchange rates. Monetary authorities gamble that they will not suffer losses on their foreign currency holdings. Evidence in favor of sterilized foreign exchange market intervention as a way of conveying information to the private sector is far from convincing. Since changes in relative monetary growth rates are sufficient to alter bilateral exchange rates, monetary authorities can achieve their exchange rate preferences with domestic monetary policy, but at the cost of Possible distortionary effects on monetary growth rates, domestic interest rates, and international capital flows
From obscurity to notoriety : a biography of the Exchange Stabilization Fund by Anna J Schwartz( )

4 editions published between 1996 and 1997 in English and held by 10 WorldCat member libraries worldwide

The U.S. Treasury's $20 billion loan to Mexico in January 1995 from the Exchange Stabilization Fund (ESF) brought to public notice the fund that had functioned in obscurity since its authorization by the Gold Reserve Act of January 31, 1934. The design of the ESF, as set forth in the statute, contributed to its obscurity. Its stated mission was to stabilize the exchange value of the dollar, but it has also assumed a role that had no mandate, that of lender to favored countries. ESF's intervention activities and the Federal Reserve's warehousing of ESF foreign currency assets are questionable. A statistical profile of the ESF accounts for the growth of its working balance from $200 million in 1934 to $42.6 billion in assets in 1995
The specie standard as a contingent rule : some evidence for core and peripheral countries, 1880-1990 by Michael D Bordo( )

3 editions published between 1994 and 1997 in English and held by 9 WorldCat member libraries worldwide

The specie standard that prevailed before 1914 was a contingent rule. Under the rule specie convertibiltity could be suspended in the event of a well understood, exogenously produced emergency, such as a war, on the understanding that after the emergency had safely passed convertibility would be restored at the original parity. Market agents would regard successful adherence as evidence of a credible commitment and would allow th authorities access to seignorage and bond finance at favorable terms. This paper surveys the history of the specie standard as a contingent rule for 21 countries divided into core and peripheral countries. As a comparison we also briedfly consider the Bretton Woods system and the recent managed floating regime. We then present evidence across four regimes (pre-1914 gold standard; interward gold standard; Bretton Woods; the subsequent managed exchange rate float) for the 21 countries on the stability of macro variables as well as on the demand shocks (reflecting policy actions specific to the regime) and supply shocks (reflecting shocks to the environment independence of the regime). These measures allow us to determine whether adherents to the rule consistently pursued different policy actions from nonadherents, and whether persistent adverse shocks to the environment may, for some countries, have precluded adherence to the rule
Charles Goodhart's contributions to the history of monetary institutions by Michael D Bordo( )

4 editions published in 2002 in English and held by 9 WorldCat member libraries worldwide

Our paper examines Charles Goodhart's work on the history of monetary institutions: central bank operations under the gold standard, their behaviour in relation to the financial system in which they functioned, including their responses to banking crises, and their performance as lenders of last resort. Although we differ with Charles on some of the conclusions that he has reached, we pay tribute to his importance in shaping the discussion by economists over a thirty-year span on questions related to the functioning of banks, their customers, and the historic central banks that evolved from serving government to serving banks
Money versus credit rationing : evidence for the national banking era, 1880-1914 by Michael D Bordo( )

5 editions published between 1991 and 1992 in English and held by 9 WorldCat member libraries worldwide

In this paper we examine the evidence for two competing views of how monetary and financial disturbances influenced the real economy during the national banking era, 1880-1914. According to the monetarist view, monetary disturbances affected the real economy through changes on the liability side of the banking system's balance sheet independent of the composition of bank portfolios. According to the credit rationing view, equilibrium credit rationing in a world of asymmetric information can explain short-run fluctuations in real output. Using structural VARs we incorporate monetary variables in credit models and credit variables in monetarist models, with inconclusive results. To resolve this ambiguity, we invoke the institutional features of the national banking era. Most of the variation in bank loans is accounted for by loans secured by stock, which in turn reflect volatility in the stock market. When account is taken of the stock market, the influence of credit in the VAR model is greatly reduced, while the influence of money remains robust. The breakdown of the composition of bank loans into stock market loans (traded in open asset markets) and other business loans (a possible setting for credit rationing) reveals that other business loans remained remarkably stable over the business cycle
Money stock targeting, base drift and price-level predictability : lessons from the U.K. experience by Michael D Bordo( )

3 editions published between 1989 and 1991 in English and held by 8 WorldCat member libraries worldwide

It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does not run into the Lucas critique, and applying this procedure to the case of the U.K., the paper finds that the variance of the trend inflation rate in the U.K. would have been reduced by more than one half if the Bank of England had not allowed base drift
The ECU - an imaginary or embryonic form of money : what can we learn from history? by Michael D Bordo( )

3 editions published between 1987 and 1989 in English and held by 7 WorldCat member libraries worldwide

We present historical examples of new forms of money that can be com- pared with the ECU. We first define the ECU in its official role before turning to developments in the private market for ECUs. We then examine historical antecedents of three attributes of ECUs: a unit of account; a basket of currencies; a basis for monetary integration. We discuss which features if any of ECUs are unique, and the contribution of the historical analysis to assessing the future of ECUs. We then ask whether governments or markets have been dominant in the emergence of new forms of money. Whatever emerges as money in an economy becomes the general means of payment. Prices of commodities, services, and bonds are expressed in units of the money. Buyers use the money to purchase goods or bonds and sellers receive the money is exchange for goods or bonds. We conclude that, at this stage in its history, the ECU at best is an embryonic form of money, closer to historical imaginary monies than to existing currencies that the world has known
Money Growth Variability and Money Supply Interdependence Under InterestRate Control Some Evidence For Canada( )

2 editions published in 1987 in English and held by 6 WorldCat member libraries worldwide

Canada, like many countries, has recently experienced difficulties in achieving money growth stability and money supply independence. Based on the buffer-stock view of money-holding as well as the credit market approach to the money supply, this paper suggests that the problems have arisen from the Bank of Canada suse of an interestrate control mechanism. The paper argues that: (1) The short-run behavior of Canadian money grow this influenced by demand shifts in the Canadian credit market.(2)Movements in U.S. interest rates relative to the controlled Canadian interest rates are a key source of these shifts. The paper presents evidence on Canadian money supply and demand functions consistent with the foregoing explanation
Monetary policy regimes and economic performance : the historical record by Michael D Bordo( Book )

5 editions published between 1997 and 1999 in English and held by 6 WorldCat member libraries worldwide

Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This paper surveys the historical experience of both international and domestic (national) aspects of monetary regimes from the nineteenth century to the present. We first survey the experience of four broad international monetary regimes: the classical gold standard 1880-1914; the interwar period with a short lived restoration of the gold standard; the postwar Bretton Woods international monetary system (1946-1971) indirectly linked to gold; the recent managed float period (1971- float period (1971-1995). We then present in some detail the institutional arrangements and policy actions of the Federal Reserve in the United States as an important example of a domestic policy regime. The survey of the Federal Reserve subdivides the demarcated broad international policy regimes into a number of episodes. A salient theme in our survey is that the convertibility rule or principle that dominated both domestic and international aspects of the monetary regime before World War I has since declined in its relevance At the same time, policymakers within major nations placed more emphasis on stabilizing the real economy. In the post-World War II era, the complete abandonment of the convertibility principle, and its replacement by the goal of full employment, combined with the legacy of inadequate policy tools and theory from the interwar period set the stage for the Great Inflation of the 1970s. The lessons from that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing themselves to rule-like behavior
The rise and fall of foreign exchange market intervention by Anna J Schwartz( Book )

5 editions published in 2000 in English and held by 6 WorldCat member libraries worldwide

The premise of the paper is that the fervor for foreign exchange market intervention by U.S, and European monetary authorities has ebbed in recent years. A pattern of initial belief in the effectiveness of foreign exchange market intervention has recently been eroded, as is revealed by the absence of intervention in circumstances that in earlier times would have invoked it. Only the Bank of Japan among central banks of the developed world has not thusfar abandoned its faith that intervention can change the relative value of the yen as determined by market forces to conform with its notion of what that value should be. To explain why U.S. and European monetary authorities no longer believe that intervention is a tool that works, I review the equivocal record of past episodes, the inconclusive results of empirical research, and the problems of implementation that intervention advocates ignore
Monetarism and monetary policy by Anna J Schwartz( Book )

2 editions published in 1992 in English and held by 5 WorldCat member libraries worldwide

Do currency boards have a future? : twenty-second Wincott Memorial Lecture delivered at Bishop Partridge Hall, Church House, Westminster, Thursday, 29 October 1992 by Anna J Schwartz( Book )

3 editions published in 1992 in English and Undetermined and held by 5 WorldCat member libraries worldwide

A Retrospective on the classical gold standard, 1821-1931 by Michael D Bordo( Book )

2 editions published between 1984 and 2009 in English and held by 5 WorldCat member libraries worldwide

This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard
Commodity monies by Anna J Schwartz( Book )

1 edition published in 1992 in French and held by 5 WorldCat member libraries worldwide

Commodity monies by Anna J Schwartz( Book )

1 edition published in 1992 in English and held by 5 WorldCat member libraries worldwide

Real versus pseudo-international systemic risk : some lessons from history by Michael D Bordo( Book )

3 editions published in 1995 in English and held by 4 WorldCat member libraries worldwide

This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic risk to glean lessons for today. We also present some statistical evidence on possible recent systemic risk linkages between the stock markets of emerging countries. The paper concludes with a discussion of the lessons yielded by the record
Under what circumstances, past and present, have international rescues of countries in financial distress been successful? by Michael D Bordo( Book )

3 editions published in 1998 in English and held by 4 WorldCat member libraries worldwide

Recent events in Asia and other parts of the globe have prompted calls from many quarters for international rescue of the monetary or fiscal authorities of distressed countries. We contrast the experience before 1973 of rescues of monetary authorities of advanced countries temporarily short of liquidity with recent experience of bailouts. International rescues in the past involved relatively small amounts of money, sufficient to stave off devaluation or abandonment of a fixed exchange rate, while remedial policies were put in place. Recent bailouts involve handing over relatively large amounts to both foreign lenders and domestic investors after devaluation of a pegged exchange rate to avoid their incurring wealth losses. We document past rescues, whether successful or unsuccessful, by monetary regimes different today from past experience
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English (64)

French (1)