Most interesting, as Friedman and Schwartz noted (p.
The example cited by Friedman and Schwartz was China.
The Writings series is arranged chronologically and consists of Schwartz's lectures and publications (some of which are co-authored) as well as drafts of both published and unpublished pieces. Materials related to Schwartz's publications, such as book reviews and edits, are also included under the title of that publication. A significant part of the series consists of drafts of A History of Official Foreign Exchange Market Intervention, a manuscript on which Schwartz was collaborating with Michael Bordo and Owen Humpage. Small amounts of correspondence directly related to the publication of various works is filed with those works. Projects on which Schwartz collaborated with Milton Friedman are in the "Milton Friedman" series; research for various writing projects can be found in the "Subject Files and Research" series.
As Friedman and Schwartz observed (p.
Friedman’s hypothesis was that many of the puzzling and inconsistent results regarding savings and consumption were simply a result of “inappropriate concepts of income and consumption.” In the example of staggered paydays, individual savings rise and the ratio of consumption to income declines with rising income only because we are measuring daily income. If we used an appropriate measure of income, weekly income in the simple example, then there would be no rise in savings with income, and consumption (the ratio of consumption to income) would not change with income.
Friedman and Schwartz on James Tobin | Uneasy Money
In short, according to Friedman and Schwartz, because of institutional changes and misguided doctrines, the banking panics of the Great Contraction were much more severe and widespread than would have normally occurred during a downturn.