Anna Schwartz

Anna Jacobson Schwartz ( born November 11, 1915 in New York City; † June 21, 2012 ibid ) was an American economist. She became famous when she the book A Monetary History of the United States, 1867-1960 authored with her mentor Milton Friedman, in the criticism of Keynesianism and monetarism is founded.

Academic career

At Barnard College, she acquired in 1934 with a Bachelor of Arts (BA). She studied economics at Columbia University in New York, where she the title Master of Arts (MA) acquired in 1936. In 1964 her the doctoral degree was awarded Ph. D. from Columbia University. At Brooklyn College, she taught in 1952. From 1959 to 1960 she led at Baruch College through courses. In the period from 1967 to 1969 she was an adjunct professor of economics at the City University of New York at Hunter College operates. From 1969 to 1970 she taught at New York University at the School of Arts and Sciences for graduate students.

Career

In 1936, she worked for a year in the U.S. Department of Agriculture. Then they led with Walt Whitman Rostow and Arthur D. Gayer at Columbia University over a period of five years, studies on the variations of the British economy in the period 1790-1850 by. In the New York branch of the National Bureau of Economic Research from 1941 on they then took a new job where she works to date ( October 2008).

The U.S. Gold Commission she served on from 1981 to 1982, where she also created the Gold Commission 's report. Since 1984 she was a reviewer in the annual books The Key Reporter.

The National Bureau of Economic Research ( NBER ) appointed her in 1985 to the scientific honorary member. From 1987 to 1988, she stood in front of as president of the Western Economic Association.

Theses

In the profession she has extensively dealt with the issues of economic statistics, monetary policy and economic history.

In the first phase of its economic studies, she dealt with historical studies of trends and change of British Industry from 1790 to 1850, she published with Rostov and Gayer. One focus of these studies formed the statistics of prices, using an index method of NBER was applied. In these studies, she won the recognition that the role of money for the economic development which was not passive, but that the money had a significant impact. With Elmar Oliver she started in 1941 to create a monthly statistics on the individual fractions of the money supply in the United States, through the period from 1917 to 1944. These studies formed the basis for future collaboration with Milton Friedman.

Based on the monetary theory of Milton Friedman, mainly its quantity theory of money, she worked with Friedman from the fifties together over a period of thirty years. This collaboration resulted in three major publications. The question of the money supply, the growth of the money supply, the relationship between money and income, and the impact on price developments played the leading role.

From the turmoil of monetary developments in the 20th century, the conviction grew with her for a policy of stable money value and the rules for growing the money supply. She was devoted to the issues of monetary policy of the United States and other countries. These studies began in 1971, when it investigated the policy of the Federal Reserve with Allen Meltzer and Karl Brunner.

Criticism of the measures in the financial crisis 2007/2008

In October 2008, she participated in an interview on the measures that Ben Bernanke had made in the U.S. against the financial crisis from 2007. In it she argued against the view that a liquidity crisis would be present. In contrast to the depression after 1929 enough money liquidity would exist at this time. Also, the reduction in the interest rate would not be the appropriate measure.

Found support in their intention of Treasury Secretary Henry Paulson, bad credit and no longer traded securities buy out banks. However, the individual government investments in the banks would be able to solve only the problems of individual banks, but it would not achieve a stabilization of the banking system. She firmly advocated that banks that wrong decisions were made ​​should be out of the market.

Membership and ceremony

  • The editor of the American Economic Review office
  • Office of the Journal of Money, Credit, and Banking
  • Office of the Journal of Monetary Econimics
  • Regular Carnegie Rochester Conference Series
  • Department Member of the Shadow Open Market Committee
  • Elected member of the Phi Kappa Beta in 1934
  • From 1934 to 1935 she was with the Murray Folowship at Baruch College honored
  • 1945: member of the Committee onn Research in Economic History
  • Guest honorary professor at the City University of London Business School

Publications

  • With AD Gayer & WW Rostow: The growth and fluctuation of the British economy from 1790 to 1850. An historical, statistical, and theoretical study of Britain's economic development. 2 volumes Clarendon Press, Oxford 1953; Harvester Press, Sussex 1975
  • With Milton Friedman: A monetary history of the United States from 1867 to 1960. Princeton University Press, Princeton 1963 Review by Hugh Rockoff, EH.Net Economic History Services, January 1, 2000
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