Table of Contents

New Preface by Anna Jacobson Schwartz ix Introduction: The Great Contraction, Seen from the Perspective of 2007 by Peter L. Bernstein xiii The Great Contraction, 1929-1933 by Milton Friedman and Anna Jacobson Schwartz 1 Remarks by Ben S. Bernanke 227 Author Index 251 Subject Index 253

About the Author

Milton Friedman (1912-2006) was awarded the Nobel Prize in Economics in 1976. He was a Senior Research Fellow at the Hoover Institution and had previously taught at the University of Chicago from 1946 to 1976. He was also a member of the research staff of the National Bureau of Economic Research from 1937 to 1981. Anna Jacobson Schwartz is a research associate at the National Bureau of Economic Research, which she joined in 1941. She is a Distinguished Fellow of the American Economic Association and a Fellow of the American Academy of Arts and Sciences. During her distinguished career, she has made major contributions to the economics of business cycles, banking, monetary policy, and financial regulation.