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Summarizes the science of climate change and impacts on the United States, for the public and policymakers.

At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

Distinguished scholars of Russian Jewish history reflect on the pogroms in Tsarist and revolutionary Russia.

A New Economic History of Colonial India provides a new perspective on Indian economic history. Using economic theory and quantitative methods, it shows how the discipline is being redefined and how new scholarship on India is beginning to embrace and make use of concepts from the larger field of global economic history and economics. The book discusses the impact of property rights, the standard of living, the labour market and the aftermath of the Partition. It also addresses how education and work changed, and provides a rethinking of traditional topics including de-industrialization, industrialization, railways, balance of payments, and the East India Company. Written in an accessible way, the contributors – all leading experts in their fields – firmly place Indian history in the context of world history. An up-to-date critical survey and novel resource on Indian Economic History, this book will be useful for undergraduate and postgraduate courses on Economic History, Indian and South Asian Studies, Economics and Comparative and Global History.

“Magisterial. . . . The direct and indirect influence of the Monetary History would be difficult to overstate.”—Ben S. Bernanke, Nobel Prize–winning economist and former chair of the U.S. Federal Reserve From Nobel Prize–winning economist Milton Friedman and his celebrated colleague Anna Jacobson Schwartz, one of the most important economics books of the twentieth century—the landmark work that rewrote the story of the Great Depression and the understanding of monetary policy Milton Friedman and Anna Jacobson Schwartz’s A Monetary History of the United States, 1867–1960 is one of the most influential economics books of the twentieth century. A landmark achievement, it marshaled massive historical data and sharp analytics to argue that monetary policy—steady control of the money supply—matters profoundly in the management of the nation’s economy, especially in navigating serious economic fluctuations. One of the book’s most important chapters, “The Great Contraction, 1929–33” addressed the central economic event of the twentieth century, the Great Depression. Friedman and Schwartz argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and countering banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy—an idea that has come to shape the actions of central banks worldwide.