Money Mischief_ Episodes in Monetary History - Milton Friedman [109]
Stewart, William M., [>]
Stone money (Yap), [>]–[>], [>]–[>], [>]
Switzerland, inflation rates in, [>]
Symmetallic standard, [>]–[>], [>]
Taxation
"bracket creep" in, [>], [>]
and money supply, [>]
Tax Reform Act (1986), [>]
Teller, Henry M., [>] (n)
Thomas, Elmer, and amendment, [>], [>]–[>]
Totalitarianism, hyperinflation as cause of, [>]–[>]
Trade dollar, [>] (n)
Unified currency area. See Currency: unified
United States
bank deregulation in, [>]
credit markets in, [>]–[>]
goes off gold standard (1933), [>], [>], [>]
gold standard in, [>]–[>], [>], [>], [>], [>], [>], [>], [>]–[>], [>]–[>]
inflation rates in, [>]–[>], [>]–[>], [>]–[>], [>]–[>], [>], [>]–[>]
monetary system of defined, [>]
prohibits private ownership of gold (1933), [>]
recession in (1980s), [>]–[>]
sells silver to Great Britain, [>]
U.S. Constitution, and power to coin money, [>]
U.S. Federal Deposit Insurance Corporation, [>]
U.S. Federal Reserve System, [>]–[>], [>]–[>], [>], [>], [>]
authority of, [>]–[>], [>] (n)
established, [>]
and interest rates, [>]–[>], [>]
and money supply, [>]–[>], [>], [>], [>]
U.S. Treasury
accumulates gold, [>]
buys silver, [>]–[>]
prints silver certificates, [>]
purchases silver at artificial prices, [>], [>]–[>]
subsidizes silver industry, [>]–[>], [>]–[>]
Walker, Francis A.
"Address on International Bimetallism," [>], [>]
on bimetallic standard, [>], [>]–[>], [>]–[>]
on demonetization of silver, [>]–[>]
International Bimetallism, [>]
Walras, Léon, on bimetallic standard, [>], [>], [>]
War, and hyperinflation, [>], [>]
Weston, George M., [>] (n)
Wilbur, C. Martin, on inflation in China, [>]–[>]
Wilson, Woodrow, [>]
World Economic Conference (1933), [>]
World War I, hyperinflation following, [>], [>], [>], [>]–[>], [>], [>], [>], [>], [>], [>]
World War II, hyperinflation following, [>]–[>], [>], [>], [>], [>], [>], [>], [>], [>], [>]
Yang, Lien-sheng, Money and Credit in China, [>]–[>]
Yap, use of stone money, [>]–[>], [>]–[>], [>]
Yeh, K. C., on Chinese economic crisis, [>], [>]–[>]
Young, Arthur N., [>]
Yugoslavia, inflation rates in, [>]
Footnotes
* For a full discussion of the definition of money, see Friedman and Schwartz (1970, part 1).
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* For a full discussion, see Friedman and Schwartz (1963).
A somewhat amusing example of the kind of petty personal concerns that can enter into the activities of such an august body is the renaming of the ruling body in Washington in 1935. The name was changed from "Federal Reserve Board" to "Board of Governors of the Federal Reserve System." Why substitute the more cumbersome name for the more compact? The reason was entirely considerations of prestige. In central bank history, the head of a central bank has been called the governor. That is the prestigious title. Before 1929, the heads of the twelve separate Federal Reserve banks were designated as governors, in line with the desire of the founders to have a truly regional, decentralized system. On the Federal Reserve Board, only the chairman was designated governor; the other six members were simply that—members of the Federal Reserve Board. As part of the Banking Act of 1935, the heads of the separate Federal Reserve banks were redesignated presidents, and the central body was renamed the Board of Governors of the Federal Reserve System so that each member of it could be a governor! Petty, but also a symbol of a real transfer of power from the separate banks to Washington.
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* The more usual practice is to define real cash balances by dividing nominal balances by a price index. The price index itself typically represents the estimated cost at various dates of a standard basket of goods (so many loaves of bread, pounds of butter, pairs of shoes, and so on, to encompass, for a consumer price index, the typical budget of a consumer). Under this definition, real cash balances have the dimension of the number of baskets of goods the nominal balances could purchase.
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