We did it. We're very sorry. But thanks to you, we won't do it again. She changed her opinion on financial regulation. Economists, bankers, and policymakers have long been concerned with the stability of the financial system. In a series of studies in the 1970s and 1980s, Schwartz emphasized that price level stability is essential for financial system stability. Drawing on evidence from over two centuries, she demonstrated that business failures do not have major consequences for the economy if their effects are prevented from spreading through the financial system. Individual institutions should also be allowed to fail, not supported with taxpayers' money. In 1981, she gained public recognition for her role as staff director of the U.S. Gold Commission. There have been other areas of her work including the international transmission of inflation and of business cycles, the role of government in monetary policy, measuring the output of banks, and the behavior of interest rates, on deflation, on monetary standards. In an interview with Barrons in 2008, Schwartz said interventions such as injecting liquidity into markets and reacting to the credit crisis with ad hoc programs were not the answer. She has also done work outside of the United States. Some years ago the Department of Banking and Finance at City University, London, England, started a research project on the monetary history of the United Kingdom. For many years, she was an adviser to that project. She commented on papers, suggested lines of approach, came and spoke to students and at academic conferences where the work was discussed. From 2002 to 2003, she served as president of the International Atlantic Economic Society. She was elected a Fellow of the American Academy of Arts and Sciences in 2007. After 2007, she concentrated her efforts on researching U.S. official intervention in the foreign exchange market using Federal Reserve data from 1962. She was not afraid to speak out on the financial crisis of the first decade of the 21st century and to criticize the government's response to it, such as Ben Bernanke's support for bailouts and persistently-low interest rates  She also addressed a critique of Friedman by Krugman. In addition, she wrote 9 books in her career, and published over 100 academic articles or comments. She died on June 21, 2012, in her home in Manhattan, aged 96. Her husband Isaac predeceased her in 1999; they had been married for over sixty years. She was survived by four children (Jonathan, Joel, Naomi Pasachoff and Paula Berggren) as well as seven grandchildren and six great-grandchildren.