Brunner Versus Friedman: Diverging Aspirations For The Monetarist Project

Pierrick Clerc and Michel De Vroey

No 2020027, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: The aim of this paper is to compare the visions held by two eminent monetarist economists, M. Friedman and K. Brunner, on the development prospects of monetarism within the macroeconomics discipline. Brunner, jointly with A. Meltzer, strived at constructing a model competing with the IS-LM model. By contrast, when invited to elaborate on the broader theoretical framework of monetarism, Friedman had no qualms to use the IS-LM model. In the first part of this paper, we summarize Friedman’s “Theoretical Framework” paper, Brunner and Meltzer’s reaction to it, and Friedman’s response. In the second part, we study the commonalities and differences between Friedman’s and Brunner’s approaches. In the third part, we summarize and assess the Brunner–Meltzer model. More general observations are offered in the conclusion.

Keywords: M. Friedman; K. Brunner; monetarism; IS-LM model (search for similar items in EconPapers)
JEL-codes: B22 B31 E40 E60 (search for similar items in EconPapers)
Date: 2020-07-01
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:2020027

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