Financial and Monetary History of the United States Economics 344: 01 Fall 2015

All of these articles can be found on my Sakai website for our class

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All of these articles can be found on my Sakai website for our class.

I will email you when I post current articles from print and web media for class discussion. Check your email daily—preferably the night before each class.
Farley Grubb, “Benjamin Franklin and the Birth of a Paper Money Economy” (Federal Reserve Bank of Philadelphia, 2006).
Donald Kemmerer, “The Colonial Loan Office System in New Jersey, “Journal of Political Economy 74:6 (December 1939), pp. 867-874.
Richard Sylla, Robert E. Wright, and David J. Cowen, “Alexander Hamilton, Central Banker,” Business History Review 83 (Spring 2009), pp. 61-86.
Daniel Thornton, “The U.S. Deficit/Debt Problem: A Longer-Run Perspective,” Federal Reserve Bank of St. Louis Review (November/December 2012), pp. 441-455.
Anna J. Schwartz, “The Beginning of Competitive Banking in Philadelphia, 1792-1809,” Journal of Political Economy 55:5 (October 1947), pp. 417-431.
Richard Sylla, “U.S. Securities Markets and the Banking System, 1790-1840,” Federal Reserve Bank of St. Louis Review (May/ June 1998), Vol. 8. No 3, pp. 83-98.
Hugh Rockoff, “Money, Prices and Banks in the Jacksonian Era,” in Stanley Engerman, A Reinterpretation of American Economic History (1972),
Arthur J. Rolnick and Warren E. Weber, “New Evidence on the Free Banking Era,” American Economic Review 73:5 (December 1983), pp. 1080-1091.
Michael Bordo, “The Classical Gold Standard: Some Lessons for Today”, Federal Reserve Bank of St. Louis Review 63 (May 1981), pp. 2-
Hugh Rockoff, “The Wizard of Oz,” Journal of Political Economy 98:4 (August 1990), pp. 739-760.
Eugene N. White "California Banking in the Nineteenth Century: The Art and Method of the Bank of A. Levy," Business History Review 75 (Summer 2001).
J. Bradford De Long, “ Did J.P. Morgan’s Men Add Value?” in Peter Temin, ed., Inside the Business Enterprise (Chicago: University of Chicago Press, 1991), pp. 205-249
Kenneth Garbade and William Silber, “Technology, Communication and the Performance of Financial Markets, 1840-1975,” Journal of Finance 33:3 (June 1978), pp. 819-832.
Jon Moen and Ellis Tallman, “The Bank Panic of 1907: The Role of the Trust Companies” Journal of Economics History 52:2 (June 1992), pp. 611-630.
Eugene N. White, “The Stock Market Boom and Crash of 1929 Revisited,” Journal of Economic Perspectives (Spring 1990), pp. 76-83.
Christina D. Romer, “The Nation in Depression,” Journal of Economic Perspectives 7: 2 (Spring 1993), pp. 19-39.
David Wheelock, “Monetary Policy in the Great Depression: What the Fed Did and Why” Federal Reserve Bank of St. Louis Review March/April 1992), pp. 3-28.
Muriel Siebert Obituary (New York Times)
History of the ATM
David Wheelock, “Lessons Learned? Comparing the Federal Reserve’s Responses to the Crises of 1929-1933 and 2007-2009,” Federal Reserve Bank of St. Louis Review (March/April 2010) 92(2), pp. 89-107.
Frederic S. Mishkin, “Over the Cliff: From the Subprime to the Global Financial Crisis,” Journal of Economic Perspectives Vol. 25, No. 1 (Winter 2011), pp. 49-70.

Preliminary Class Schedule

(Lectures will be posted on Sakai)

Sept 1 Getting Started; The Colonial Legacy, Crisis and the Seven Years War
Sept 4 Financing the War for Independence, Grubb(2006), Kemmerer (1939)
Sept 8 No Class: This Tuesday is a Rutgers Monday
Sept 11 Hamilton and the New Constitution, Sylla, Wright & Cohen (2009)
Sept 15 Finance and the War of 1812, Schwartz (1947), Thorton (2012)
Sept 18 Early Banks and Financial Markets. Sylla (1998).
Sept 22 The Bank War and the Panic of 1837, Rockoff (1972)

Sept 29 The Free Banking Era, Rolnick and Weber (1983) Book Titles Handed Out.

Oct 2 The Civil War and its Consequences, Bordo (1981).
Oct 6 Resumption and the Politics of Silver and Gold, Friedman and Schwartz, (1963) Ch. 2, pp. 15-32, 44-58, 85-88, Ch. 3, pp. 89-97; 104-122: Hand In Book Choice.
Oct 9 The Gold Standard: Rockoff (1990).
Oct 13 National Banking System: White (2001)
Oct 16 Commercial Banks? Investment Banks Do? De Long (1991)
Oct 20 Integration of Financial Markets, Garbade and Silber (1978) Book Reviews Due.
Oct 23 Financial Crises and the Macroeconomy Friedman and Schwartz (1963), Chs. 4, pp. 135-138, 152-174, 183-188. Note: Start reading Galbraith 1954)—discussion on November 8.
Oct 27 The Crisis of 1907; Moen and Tallman (1992)
Oct 30 Founding of the Federal Reserve and World War I

Friedman and Schwartz, Ch. 5, pp. 189-207; Ch. 6, pp. 240-270, 296-8.

Nov 3 The Great Boom and Crash of 1929, White (1990); Galbraith (1954).
Nov 6 The Great Depression 1929-1933 Friedman and Schwartz (1963),Ch. 7 all;
Nov 13 The Great Depression, 1929-1933, Romer (1993)

Nov 17 The Great Depression, 1933-1941 Reading: Friedman and Schwartz,

Ch. 8, pp. 420-434, Ch. 9, pp. 493-506, 543-545; Wheelock (1992)
Nov 20 Financing the Second World War & the Korean War, Friedman and Schwartz, Ch. 10, pp. 546-574
Nov 24 New Deal Banking and Finance: Friedman and Schwartz (1963),

Ch. 8, pp. 434-462;

Nov 25 The New Finance: Lewis (1990) and Siebert Obituary (2013)
Dec 1 The Unraveling of the New Deal: Lewis (1990)
Dec 4 The Great Moderation: Wheelock (2010); History of the ATM;

Dec 8 Subprime Crisis and Recovery Mishkin (2011).

December 21 FINAL EXAM, 8-11 am

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