A renowned economist and author who co-wrote "A Monetary History of the United States" with Milton Friedman, a seminal work that reshaped the field of monetary economics.
Anna Schwartz is renowned for her groundbreaking work in the field of economics, particularly in the area of monetary history. She is widely recognized as one of the world's greatest monetary scholars, and her collaborative effort with Nobel laureate Milton Friedman, A Monetary History of the United States, 1867-1960, is considered a seminal work in the field.
Born on November 11, 1915, in New York City, Anna Jacobson Schwartz was a prodigious student, graduating Phi Beta Kappa from Barnard College at the age of 18. She went on to earn her master's degree in economics from Columbia University in 1935, at just 19 years old. Schwartz began her career as a professional economist a year later, publishing her first paper, "British Share Prices, 1811-1850," in the Review of Economics and Statistics in 1940.
Schwartz's association with the National Bureau of Economic Research (NBER) spanned over six decades, during which she made significant contributions to the study of business cycles. Her most notable work, A Monetary History of the United States, 1867-1960, co-authored with Friedman, was published in 1963. This influential book placed the blame for the Great Depression squarely on the Federal Reserve System, offering a contrarian perspective that challenged conventional wisdom.
In addition to her work with NBER, Schwartz held various positions, including staff director of the U.S. Gold Commission in 1981. She served as president of the Western Economic Association International in 1988, a testament to her stature in the field.
Schwartz's work has had a profound impact on the field of economics, shaping the understanding of monetary policy and its role in shaping economic outcomes. Her research has informed policymakers, scholars, and economists, influencing the development of economic theories and practices.
In 1936, Schwartz married Isaac Schwartz, a financial officer and fellow Columbia University graduate, with whom she raised four children. She earned her Ph.D. from Columbia University in 1964, a remarkable achievement in an era when women were underrepresented in academia.
In recognition of her outstanding contributions to the field of economics, Schwartz was inducted into the National Women's Hall of Fame in 2013, a testament to her groundbreaking achievements as a woman in a male-dominated profession.
Anna Schwartz's remarkable career, spanning over six decades, has left an indelible mark on the field of economics. Her work continues to influence contemporary economic thought, and her legacy inspires future generations of economists and scholars. As Robert J. Shiller aptly described, Schwartz's work is "the most influential account of the Great Depression," a testament to her enduring impact on the field.
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