In recent years, activist monetary policy rules responding to inflation and the level of economic activity have been advanced as a means of achieving effective output stabilization without inflation. Advocates of such policies suggest that their flexibility may yield substantial stabilization...

The money supply in historical perspective -- Beyond monetary policy -- The development of a specie standard -- The U.S. banks and antebellum panics -- Greenbacks, gold, and silver purchases -- The national banking system -- Reform proposals and legislation -- The early Federal Reserve -- The...