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Journal Article
Milton Friedman and U.S. monetary history: 1961-2006
This paper, using extensive archival material from several countries, brings together scattered information about Milton Friedman's views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz's Monetary History of the United States). The author evaluates these interpretations and predictions in light of subsequent events.
Working Paper
Milton Friedman and U.S. monetary history: 1961-2006
This paper brings together, using extensive archival material from several countries, scattered information about Milton Friedman?s views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz?s Monetary History of the United States). I evaluate these interpretations and predictions in light of subsequent events.
Journal Article
Milton Friedman; economist as public intellectual
Journal Article
Interview with Milton Friedman
In his new book, Money Mischief, economist Milton Friedman compares inflation to alcoholism; blames the rise of Chinese communism, in large part, on an inadequately controlled money supply; defines and describes MV=PT in four brief paragraphs; tells how three Scottish chemists ruined William Jennings Bryan's political career through their pioneering work with gold; and relates many other anecdotes befitting the book's subtitle, Episodes in Monetary History.
Report
Monetary policy implementation frameworks: a comparative analysis
We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be implemented in the first framework, but can be implemented using the second framework. However, for a given rate of inflation, we show that the first framework unambiguously achieves higher welfare than the second one. We conclude that an optimal system of monetary policy implementation should contain elements of both frameworks. Our results also suggest that any ...
Journal Article
Milton Friedman and U.K. economic policy: 1938-1979
Milton Friedman's publications and commentaries became the subject of enormous publicity and scrutiny in the United Kingdom. This paper analyzes the interaction of Milton Friedman and U.K. economic policy from 1938 to 1979. The period under study is separated into four subperiods: 1938-46, 1946-59, 1959-70, and 1970-79. For each of these subperiods, the author considers Friedman's observations on, and role in, key developments in U.K. monetary policy and in general U.K. economic policy.
Working Paper
The Great Depression and the Friedman-Schwartz hypothesis
The authors evaluate the Friedman-Schwartz hypothesis--that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, they first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight shocks, the story it tells about the Great Depression turns out to be a simple and familiar one. The contraction phase was primarily a consequence of a shock that induced a shift away from privately intermediated liabilities, such as demand deposits and liabilities that resemble equity, and ...
Journal Article
Friedman and Taylor on monetary policy rules: a comparison
The names Milton Friedman and John Taylor are associated with different monetary policy rules; but, as shown in this paper, the difference between their perceptions of how the economy works is not great. The monetary policy rules advanced by Taylor and Friedman are compared by linking the rules to the two economists' underlying views about nominal rigidity, the source of trade-offs, the sources of shocks, and model uncertainty. Taylor and Friedman both emphasized Phillips curve specifications that impose temporary nominal price rigidity and the long-run natural-rate restriction; and they ...
Speech
Milton and money stock control
Milton Friedman Luncheon, University of Missouri-Columbia, Columbia, Mo., July 31, 2007
Journal Article
Nobel views on inflation and unemployment