The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman’s 'Who Was Milton Friedman?

Edward Nelson and Anna J. Schwartz

No 2007-048, Working Papers from Federal Reserve Bank of St. Louis

Abstract: Paul Krugman?s essay ?Who Was Milton Friedman?? seriously mischaracterizes Friedman?s economics and his legacy. In this paper we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman?s impact on modern monetary economics and on today?s central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.

Keywords: Monetary policy - United States; Keynesian economics; Friedman, Milton (search for similar items in EconPapers)
Date: 2008
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe and nep-mac
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Published in Journal of Monetary Economics, May 2008, 55(4), pp. 835-56

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Journal Article: The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's "Who was Milton Friedman?" (2008)
Working Paper: The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?" (2007)
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DOI: 10.20955/wp.2007.048

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