INSTITUTIONS, POLICY, AND MONETARY ANALYSIS,
CALIFORNIA UNIV LOS ANGELES BUREAU OF BUSINESS AND ECONOMIC RESEARCH
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The book by Milton Friedman and Anna Schwartz A monetary history of the United States, 1867-1960 Princeton Univ. Press, 1963 is reviewed. The review is divided as follows 1 Money-supply theory base, multiplier, and money stock reserve ratio and currency ratio explanation of the base. 2 Velocity theory breakdown of the permanent-income hypothesis of velocity search for an explanation case against the case against interest rates case for interest rates. 3 Monetary policy.