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By Milton Friedman

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The resulting flood of gold produced the price inflation that Bryan and his followers had wanted to achieve with silver. From 1896 to 1913 wholesale prices in the United States rose by 50 per cent. The Contraction of 1907-08 The only major contraction during this period was the contraction of 1907-08, which was accompanied and intensified by the banking panic of 1907 and by the associated suspension of convertibility of bank deposits into currency. Though relatively brief, the contraction was severe.

And French experience, prior to the monetary reforms at the end of 1958, is equally striking testimony by its contrast in both policy and outcome. These developments in the world of scholarship and of affairs have produced a rebirth of interest in monetary changes. It is by now clear, and widely accepted, that money does matter and matters very much. There has been an increasing amount of research by economists during recent years on just how monetary forces operate. There has also been an increasing amount of attention devoted by public and quasi-public groups to the problems of monetary policy.

The calmness shortly came to an end, as the Kennedy administration undertook to "get the economy moving again," and the Federal Reserve obliged by increasing the rate of monetary growth. After the usual two-year lag, prices followed. The next two decades saw generally acceleratingthough highly variablemonetary growth and inflation, which had major effects on both ideas about money and monetary institutions. S. was accompanied by rapid economic growth and only modest inflation, thanks in large part to the arrangements for exchange rates agreed to at Bretton Woods, which meant that much of the inflationary effect of the monetary growth was exported.

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