Journal Article
Milton Friedman, teacher, 1912-2006
Fuerst, Timothy S.; Carlstrom, Charles T. (2006-12)
Nobel laureate Milton Friedman, who died on November 16, 2006, made monumental contributions to economics and changed the course of modern central banking. Many of his proposals for the conduct of monetary policy were controversial at the time he made them but are now widely accepted. This Commentary reviews some of them.
Economic Commentary , Issue Dec

Working Paper
The Great Depression and the Friedman-Schwartz hypothesis
Motto, Roberto; Rostagno, Massimo; Christiano, Lawrence J. (2004)
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 ...
Working Papers (Old Series) , Paper 0318

Journal Article
Milton Friedman; economist as public intellectual
Formaini, Robert L. (2002)
Economic Insights , Volume 7 , Issue 2

Journal Article
On the record : an appreciation of Milton Friedman, champion of economic freedom
Fisher, Richard W. (2006-11)
Southwest Economy , Issue Nov , Pages 8-9

Journal Article
Nobel views on inflation and unemployment
Walsh, Carl E. (1997)
FRBSF Economic Letter

Journal Article
Inflation: the 2% solution
Marquis, Milton H. (2001)
FRBSF Economic Letter

Working Paper
An econometric analysis of UK money demand in MONETARY TRENDS IN THE UNITED STATES AND THE UNITED KINGDOM by Milton Friedman and Anna J. Schwartz
Ericsson, Neil R.; Hendry, David F. (1989)
This paper evaluates an empirical model of UK money demand developed by Friedman and Schwartz in Monetary Trends... .Testing reveals mis-specification and hence the potential for an improved model. Using recursive procedures on their annual data, we obtain a better-fitting, constant, dynamic error-correction (cointegration) model. Results on exogeneity and encompassing imply that our money-demand model is interpretable as a model of money but not of prices since its constancy holds only conditional on contemporaneous prices.
International Finance Discussion Papers , Paper 355

Working Paper
The Taylor rule and the transformation of monetary policy
Asso, Pier Francesco; Kahn, George A.; Leeson, Robert (2007)
This paper examines the intellectual history of the Taylor Rule and its considerable influence on macroeconomic research and monetary policy. The paper traces the historical antecedents to the Taylor rule, emphasizing the contributions of three prominent advocates of rules--Henry Simons, A.W. H. Phillips, and Milton Friedman. The paper then examines the evolution of John Taylor's thinking as an academic and policy advisor leading up to his formulation of the Taylor rule. Finally, the paper documents the influence of the Taylor rule on macroeconomic research and the Federal Reserve's conduct ...
Research Working Paper , Paper RWP 07-11

Journal Article
Milton Friedman on inflation
Nelson, Edward (2007-01)
Monetary Trends , Issue Jan

Speech
Milton and money stock control
Poole, William (2007)
Milton Friedman Luncheon, University of Missouri-Columbia, Columbia, Mo., July 31, 2007
Speech , Paper 118