Month: January 2019

I first encountered the name of Henry C. Wallich as the Holy Spirit of the Newsweek trinity of economists (In the Name of Samuelson, Friedman, and Wallich, Amen) back in high-school when my economics teacher (for the record, football coach and business teacher, Mr. Steve Palenchar) assigned us the weekly Newsweek column for reading and discussion. I never had a course with Henry Wallich at Yale so I have no personal impression to share. 

In the meantime I have had the good fortune of meeting and working with his daughter, economist Christine Wallich (a Yale economics Ph.D. and former economist with the World Bank), at the American Academy in Berlin where she sits on the board of trustees.

The following eleven page reading list on money from Wallich’s Princeton days was found in Martin Shubik‘s papers. For exactly mid-20th-century, this list serves as a most comprehensive and convenient benchmark for the state of monetary macroeconomics.

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READING LIST FOR COURSE IN MONEY

Henry C. Wallich
Spring Term—1950

1. Current Monetary Issues
   1. Minimum Reading
      • Bach, George L.: “Monetary, Fiscal Policy, Debt Policy, and the Price Level,” American Economic Review (Papers and Proceedings of American Economic Association), May 1947, pp. 228-42.
      • Board of Governors of the Federal Reserve System: Postwar Economic Studies, No. 8, Nov. 1947, article by Thomas and Young.
      • Mints, L. W. and others: “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, XXVIII, May 1946, pp. 60-84.
      • Wallich, H. C. “Debt Management as an Instrument of Economic Policy,” American Economic Review, June 1946, pp. 292-310.
   2. Recommended Reading
      • Abbott, Charles C. “The Commercial Banks and the Public Debt,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 265-76.
      • Burkhead, Jesse V. “Full Employment and Interest-Free Borrowing,” Southern Economic Journal, Vol. XIV, July 1947, pp. 1-13.
      • Carr, Hobart C. “The Problem of the Bank-held Government Debt,” American Economic Review, December 1946, pp. 833-42.
      • Committee on National Debt Policy. Our National Debt and the Banks, National Debt Series 2, New York: 26 Liberty Street, 1947, 18 p.
      • Leland, Simeon E. “Management of the Public Debt After the War,” American Economic Review, June 1944 supplement, pp. 89-134.
      • Seltzer, L.H. “The Changed Environment of Monetary-banking Policy,” American Economic Review, XXVI, May 1946.
      • Sproul, Allan. “Monetary Management and Credit Control,” American Economic Review, XXXVII, June 1947, pp. 339-50.
      • Symposium: “How to Manage the National Debt,” Review of Economics and Statistics, XXXI, Feb. 1949.
      • Thomas, Woodlief. “The Heritage of War Finance,”American Economic Review, (Papers and Proceeding of American Economic Association) May 1947.
      • Wallich, H.C. “The Changing Significance of the Interest Rate,” American Economic Review, Dec. 1946, pp. 761-787.
      • U. S. Congress—Joint Committee on the Economic Report. “Monetary, Credit, and Fiscal Policies” (A Collection of Statements Submitted to the Subcommittee on Monetary, Credit, and Fiscal Policies by Government Officials, Bankers, Economists, and Others), Washington, 1949 (especially Chs. 2 and 3).
      • U. S. President. The Economic Report of the President, 1948, 1949, and 1950 (together with the Annual Economic Review of the Council of Economic Affairs), Washington, (sections on monetary and fiscal policies).
      • Willis, J. Brooke. “The Case Against the Maintenance of the Wartime Pattern of Yields on Government Securities,” American Economic Review, May 1947 (Papers and Proceedings of the American Economic Association), pp. 216-27.
      • Woodward, Donald B. “Public Debt and Institutions,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 157-83.
   3. Other Reading
      • Abbott, Charles C. Management of the Public Debt, New York: McGraw-Hill Book Co., Inc., 1946, 194 p.
      • Board of Governors of the Federal Reserve System. Annual Reports for the years 1945-48.
      • Board of Governors of the Federal Reserve System. “Debt Retirement and Bank Credit,” Federal Reserve Bulletin, July 1947, pp. 775-87.
      • Board of Governors of the Federal Reserve System. Public Finance and Full Employment, Postwar Economic Studies No. 3, Washington, December 1945, 157 p.
      • Burgess, W. Randolph. “Free Enterprise and the Management of the Public Debt,” Proceedings of the Academy of Political Science, New York: Columbia University, 116^th& Broadway, Vol. XXII, May 1947, pp. 256-67.
      • Chandler, L. V. “Federal Reserve Policy and the Federal Debt,” American Economic Review, XXXIX, March 1949.
      • Domar, Evsey D. “The Distribution of Interest on the Public Debt,” Current Comments, June 5, 1946.
      • Federal Reserve Bank of New York: “Federal Reserve Credit and Credit Policy,” Annual Report, 1947, pp. 24-32.
      • Homan, P. T. and F. Machlup (eds.). Financing American Prosperity, New York: Twentieth Century Fund, 1945.
      • Institute of International Finance. Credit Policies of the United States, Bulletin No. 152, New York: New York University, 90 Trinity Pace, September 1947, 16 p.
      • Institute of International Finance: Management of the Public Debt, Bulletin No. 142, New York: New York University, 90 Trinity Place, February 1946, 18 p.
      • Institute of International Finance. The Means of Payment and Debt Management, Bulletin No. 148, New York: New York University, 90 Trinity Place, February 1947, 15 p.
      • Institute of International Finance. The Public Debt and the Banks. Bulletin No. 137, New York: New York University, 90 Trinity Place, May 1945, 18 p.
      • Lanston, A. G. “Federal Fiscal Policy and Debt Management,” Commercial and Financial Chronicle, June 12, 1947, 165:3112.
      • Ratchford, B. U. “The Economic and Monetary Effects of Public Debts,” Public Finance, No. 4, 1948 and No. 1, 1949.
      • Seltzer, L. H. “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, XXXV, Dec. 1945, pp. 831-50.
      • Whittlesey, C.R. “Federal Reserve Policy in Transition,” Quarterly Journal of Economics, LX, May 1946, pp. 340-50.
2. Monetary and Banking Organization
   1. Minimum Reading
      • Board of Governors of the Federal Reserve System. Banking Studies. Baltimore: Waverly Press, 1941 (first choice).
        or
        James, F. C. Economics of Money, Credit and Banking. New York: Ronald Press, 1941, 3^rd (Chs. 1-26).
        or
        Thomas, Rollin G. Our Modern Banking and Monetary System, New York: Prentice-Hall, 1945, 812 p. (Chs. 1-30).
   2. Recommended Reading
      • Currie, Lauchlin. The Supply and Control of Money in the United States. Cambridge: Harvard University Press, 1934, 199 p. (Harvard Economic Studies, v. 47), (Part I, and Chs. 13 and 14).
      • Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 4 and 5)
      • Jacoby, N. H. and Saulnier, R. J. Business Finance and Banking. National Bureau of Economic Research, 1947.
      • Keynes, John M. A Treatise on Money. New York: Harcourt, Brace and Co., 1930 (Vol. I, Ch. 1).
      • Ratchford, Benjamin U. “History of the Federal Debt in the United States,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 130-41.
   3. Other Reading
      • Burgess, Randolph W. The Reserve Banks and the Money Market. New York and London: Harper and Brothers, 1927.
      • Clapham, Sir John. The Bank of England. Cambridge Univ. Press, 1944.
      • Conant, C.A. History of Modern Banks of Issue. New York, 6^th, 1937.
      • De Vegh, Imrie. The Pound Sterling. New York: Scudder, Stevens and Clark, 1939, 130 p.
      • Dulles, E. L. The French Franc, 1914-1928. New York: MacMillan Co., 1929, 570 p.
      • Feaveryear, A. S. The Pound Sterling. Oxford: Clarendon Press, 1931, 367 p.
      • Institute of International Finance. How to Read the New York Money Market, Pamphlet No. 145. New York: New York University, 90 Trinity Place, September 1946.
      • Institute of Bankers. Current Financial Problems and the City of London. Europa Publ. Ltd., 1949, art. By W.T.C. King “The London Discount Market.”
      • Madden, J. T., and Nadler, M. The International Money Markets. New York: Prentice-Hall, Inc., 1935, 548 p.
      • Mints, L. W. A History of Banking Theory. Chicago: University of Chicago Press, 1945, 319 p.
      • Morgan, E. Victor. The Theory and Practice of Central Banking, 1797-1913. Cambridge University Press, 1943, 252 p.
      • Nadler, Marcus. Money Market Primer. New York: Ronald Press, 1948, 212 p.
      • Plumptre, A. F. W. Central Banking in the British Dominions. Toronto: Toronto University Press, 1940, 462 p.
      • Willis, H. P., and Beckhart, B. H., (eds.) Foreign Banking Systems. New York: H. Holt & Co., 1929, 1305 p.
      • Willis, H. P. Theory and Practice of Central Banking. 1939.
3. Money in Relation to Income and Prices
   1. Minimum Reading
      • American Economic Association (H. S. Ellis, ed.). A Survey of Contemporary Economics. Philadelphia: Blakiston, 1948 (Ch. By Villard).
      • Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946 (Ch. 8).
      • Hansen, A. H. Monetary Theory and Fiscal Policy. New York: McGraw-Hill, 1949.
      • Harris, S. E. (ed.). The New Economics. New York: Knopf, 1947, (Ch. By Lintner).
      • Keynes, John M. The General Theory of Employment, Interest, and Money. New York: Harcourt, Brace, 1936, (esp. Books 3, 4, 5).
      • Mints, Hansen, Ellis, Lerner, Kalecki. “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, May 1946.
      • Saulnier, R. J. Contemporary Monetary Theory, 1938. (all parts not covered by direct readings of the originals).
      • Wilson, T. Fluctuations in Income and Employment. London: Pitman, 1942 (Part I, Chs. 1-6).
   2. Recommended Reading
      • Angell, James W. The Behavior of Money. New York: McGraw-Hill, 1936, 207 p. (Conclusions to Chs. 1-5, and Ch. 6)
      • Economists’ National Committee on Monetary Policy. Two Programs for Monetary Reform. New York: February 1947.
      • Wallich, H. “The Current of Liquidity Preference,” Quarterly Journal of EconomicsAugust 1946, pp. 490-512.
      • Fellner, William. Monetary Policies and Full Employment. Berkeley: University of California Press, 2nd ed., 1947 (especially Part III).
      • Gayer, Arthur, D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Ch. 2 and 12).
      • Hansen, A. H. Fiscal Policy and Business Cycles. New York: Norton, 1941.
      • Harrod, Hansen, Haberler and Schumpeter. “Five Views on the Consumption Function,”Review of Economic Statistics, Nov. 1946.
      • Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948 (Lectures 2 and 5).
      • Hawtrey, R. G. Capital and Employment. London: Longmans Green and Co., 1937, 348 p. (Chs. 7-11).
      • Henderson, H. D. “The Significance of the Rate of Interest,” Oxford Economic Papers, October, 1938.
      • Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Ch. 2, 5-7).
      • Kalecki, M. Essays in Economic Fluctuations. New York: Farrar & Rinehart, 1939.
      • Keynes, John M. A Treatise on Money. New York: Harcourt, Brace, 1930 (Vol. 1, Part II).
      • Klein, L. R. The Keynesian Revolution. New York: MacMillan Co., 1946 (Especially Chs. 3, 4, and 6).
      • Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 1, 1938, 624 p. (Chs. 1, 11-16).
      • Robertson, D. H. Essays in Monetary Theory. London: King, 1940 (Especially Chs. 1-13).
      • Ruggles, Richard. An Introduction to National Income and Income Analysis. New York: McGraw-Hill Co., Inc., 1949 (Chs. 9-12).
      • Simons, H. C. Economic Policy for a Free Society. Chicago: University of Chicago Press, 1948 (Especially Chs. 2, 7, 13).
      • Spahr, W. E. “The Management of Our Monetary System,” Commercial and Financial Chronicle, March 20, 1947.
      • Terborgh, George. The Bogey of Economic Maturity. Chicago: Machinery and Allied Products Institute, 1945.
      • Tobin, James. “Liquidity Preference and Monetary Policy,” Review of Economic Statistics, XXIX, May 1947, pp. 124-31.
      • Viner, J. Studies in the Theory of International trade. New York: Harper, 1939 (Chs. 3-7).
      • Williams, John H. “An Appraisal of Keynesian Economics,” American Economic Review, Supplement, XXXVIII, May 1948.
   3. Other Reading
      • Arndt, H. W. The Economic Lessons of the Nineteen-Thirties. London: Oxford University Press, 1944 (especially Dissenting Note).
      • Beveridge, W. H. Full Employment in a Free Society. London: Allen and Unwin, 1944 (Part I, Part IV).
      • Burns, Arthur F. “Economic Research and the Keynesian Thinking of Our Times,” (26^thAnnual Report). New York: National Bureau of Economic Research, 1947.
      • Clark, Colin. “Public Finance and Changes in the Value of Money,” Economic Journal, LV, Dec. 1945, pp. 371-89.
      • Crawford, Arthur W. Monetary Management under the New Deal. Washington: American Council on Public Affairs, 1940.
      • Fellner, W. “Monetary Policy and the Elasticity of Liquidity Functions,” Review of Economic Statistics, February 1948, pp. 42-44.
      • Goldenweiser, E. A. Monetary Management (Committee for Economic Development Research Study). New York: McGraw-Hill, 1949.
      • Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946.
      • Hardy, C. O. “Fiscal Operations as Instruments of Economic Stabilization,” American Economic Review, May 1948, pp. 395-416.
      • Harris, Seymour E. (ed.) Economic Reconstruction. New York: McGraw Hill, 1945, article by H. S. Ellis, “Central and Commercial Banking in Postwar Finance”, pp. 237-52.
      • Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948.
      • Hawtrey, R. G. The Art of Central Banking. London: Longmans, 1932.
      • Hawtrey, R. G. Capital and Employment, London: Longmans, 2^nd
      • Hawtrey, R. G. Currency and Credit. London: Longmans, 3^rd, 1928.
      • Hawtrey, R. G. The Gold Standard in Theory and Practice. London: Longmans, Green & Co., 1947, 280 p.
      • Hayek, F. A. von. Monetary Theory and the Trade Cycle. New York: Harcourt, Brace and Co., 1933, 244 p.
      • Hayek, F. A. von. Prices and Production. London: Routledge, 1935.
      • Hicks, J. R. “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, V, 1937 (Reprinted in Readings in the Theory of Income Distribution, Philadelphia Blakiston, 1946).
      • Hick, J. R. Value and Capital. Oxford: Clarendon Press, 1939.
      • Keynes, J. M. A Tract on Monetary Reform. New York: Harcourt, Brace, 1924.
      • Kuznets, Simon. “Capital Formation, 1879-1938,” in Studies in Economics and Industrial Relations. Philadelphia: University of Pennsylvania Press, 1941.
      • Lerner, Abba P. The Economics of Control. New York: MacMillan, 1944 (especially Chs. 21-25).
      • Lindahl, Erik. Studies in the Theory of Money and Capital. New York: Farrar and Rinehart, 1939 (especially Part II).
      • Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 2, 1942, 802 p. (especially Chs. 1-3, 8,9).
      • Mellon, Helen J. Credit Control: A Study of the Genesis of the Qualitative Approach to Credit Problems. Washington: American Council on Public Affairs, Studies in Economics, 1941, 134 p.
      • Modigliani, F. “Fluctuations in the Saving-income Ratio: A Problem in Economic Forecasting,” Studies in Income and Wealth, XI. New York: National Bureau of Economic Research, 1949.
      • Modigliani, F. “Liquidity Preference and the Theory of Interest,” Econometrica, XII, Jan. 1944, pp. 45-88.
      • Moulton, Harold G. The New Philosophy of Public Debt. Washington: Brookings Institution, 1943, 93 p.
      • Myers, M. G. Monetary Proposals for Social reform. New York: Columbia University Press, 1940, 191 p.
      • Myrdal, Gunnar. Monetary Equilibrium. London W. Hodge, 1939, 214 p.
      • Niebyl, Karl H. Studies in the Classical Theories of Money. New York: Columbia University Press, 1946, 190p.
      • Pigou, A. C. Employment and Equilibrium. London: MacMillan Co., 1941, 283 p.
      • Pigou, A. C. Lapses from Full Employment. London: MacMillan, 1945.
      • Reeve, J. E. Monetary Reform Movements. Washington: American Council on Public Affairs, 1943, 404 p.
      • Rist, Charles. History of Monetary and Credit Theory from John Law to Present Day. London: George Allen, 1940, 442 p. (especially Chs. 3-7).
      • Rueff, J. “The Fallacies of Lord Keynes’ General Theory,” Quarterly Journal of Economics, May, 1947.
      • Samuelson, P. A. “The Effect of Interest Rate Increases on the Banking System,” American Economic Review, March 1945, p. 16ff.
      • Simmons, E. C. “The Role of Selective Credit Control in Monetary Management,” American Economic Review, Sept. 1947, pp. 633-41.
      • Warburton, Clark. “The Monetary Theory of Deficit Financing,” Review of Economic Statistics, May 1945, pp. 74-84.
      • Wicksell, Knut. Interest and Prices. London: MacMillan, 1936.
      • Wright, D. M. The Economics of Disturbance. New York: MacMillan, 1947 (Ch. 2).
      • Wright, D. M. “The Future of Keynesian Economics,” American Economic Review, XXXV, June 1945, pp. 284-307.
      • Wood, E. English Theories of Central Banking Control, 1819-1858, 1938.
4. International Aspects
   1. [No minimum reading listed]
   2. Recommended Reading
      • Balogh, T. “The Concept of a Dollar Shortage,” The Manchester School, XVII, May 1949, pp. 186-201.
      • Ellis, H. S. “The Dollar Shortage in Theory and Fact,” Canadian Journal of Economics and Political Science, XIV, Aug. 1948, pp. 358-372.
      • Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 1-3).
      • Goldenweiser, E. A. and Bourneuf, A. “Bretton Woods Agreements,” Federal Reserve Bulletin, September, 1944.
      • Graham, Frank D. “The Cause and Cure of ‘Dollar Shortages’,” (Essays in International Finance, No. 10), Princeton: Princeton University Press, Jan. 1949.
      • Haberler, G. “Some Economic Problems of the European Recovery Program,” American Economic Review, XXXVIII, Sept. 1948, pp. 495-525.
      • Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Chs. 2-5).
      • Lary, H. B.: The United States in the World Economy, Washington: Department of Commerce, 1943.
      • League of Nations. International Currency Experience, 1944.
      • Machlup, F. International Trade and the National Income Multiplier, Philadelphia: Blakiston, 1943 (especially Chs. 1-4).
      • Mikesell, R. F. “International Disequilibrium,” American Economics Review, XXXIX, June 1949, pp. 618-45.
      • Nurkse, R. “Conditions of International Monetary Equilibrium,” (Essays in International Finance, Spring 1945. Princeton: Princeton University.
      • Triffin, Robert. “National Central Banking and the International Economy,” Postwar Economic Studies, No. 7, September 1947 of the Board of Governors of the Federal Reserve System.
      • Williams, John H. “Europe after 1952: The Long-term Problem,” Foreign Affairs, April 1949.
      • Williams, John H. Postwar Monetary Plans and Other Essays. New York: Knopf, 1947, 312 p. (Part I).
   3. Other Reading
      • Angell, James W. Theory of International Prices. Cambridge: Harvard University Press, 1926 (Harvard Economic Studies, vol. 28).
      • Balogh, T. “Britain’s Economic Problem,” Quarterly Journal of Economics, LXIII, Feb. 1949, pp. 32-67.
      • Balogh, T. “Britain, O.E.E.C., and the Restoration of a World Economy,” Bulletin of the Oxford Institute of Statistics, XI, Feb.-March 1949.
      • Balogh, T. “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, XXX, Nov. 1948, pp. 276-285.
      • Balogh, T. “The United States and the World Economy,” Bulletin of the Oxford Institute of Statistics, VIII, Oct. 1946.
      • Brown, Wm. Adams. The International Gold Standard Reinterpreted, 1914-34. New York: NBER, 1940, Publ. No. 37, Vols. 1 and 2.
      • Buchanan, N. S. International Investment and Domestic Welfare. New York: H. Holt & Co., 1945.
      • Friedrich, C. J. and Mason, E. S. (eds.) Public Policy. Harvard Univ. Grad. School of Pub. Adm., 1941, article by Salant on “Foreign Trade Policy in the Business Cycle.”
      • Gilbert, Milton. Currency Depreciation and Monetary Policy. Philadelphia: University of Pennsylvania Press, 1939, 167 p.
      • Graham, F. D. Exchanges, Prices and Production in Hyper-Inflation: Germany, 1920-1923. Princeton: Princeton University Press, 1930.
      • Graham, F. D. and Whittlesey. Golden Avalanche. Princeton: Princeton University Press, 1939.
      • Graham, F. D. The Theory of International Values. Princeton: Princeton University Press, 1948.
      • Harris, Seymour E. Exchange Depreciation. Cambridge: Harvard University Press, 1936 (Harvard Economic Studies, vol. 53), especially Chs. 1-2.
      • Hawtrey, R. G. “The Function of Exchange Rates,”Oxford Economic Papers, I, June 1949, pp. 145-56.
      • Henderson, Sir Hubert D. “The Function of Exchange Rates,” Oxford Economic Papers, I, January 1949.
      • Henderson, Sir Hubert D. “The International Problem” (Stamp Memorial Lecture). London: Oxford University Press, 1946.
      • Keynes, John M. “The Balance of Payments of the United States,” Economic Journal, LVI, June 1946, pp. 172-87.
      • Nurkse, Ragnar. “International Monetary Policy and the Search for Economic Stability,” American Economic Review, Supplement, XXXVII, May 1947, pp. 569-80.
      • Polak, J. J. “Exchange Depreciation and International Monetary Stability,” Review of Economics and Statistics, XXIX, Aug. 1947, pp. 173-83.
      • Williams, John H. “The Task of Economic Recovers,” Foreign Affairs, Jul 1948.

Source:  Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Martin Shubick Papers. Box 2, Folder “Notes, Money, Prof. Henry Wallich Spring 1950”.

Image Source: Henry C. Wallich, 1962 John Simon Guggenheim Memorial Foundation Fellow  .