What was the message of Friedman

James Forder

No 814, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: Abstract It is widely accepted that the importance of Friedman’s Presidential Address to the American Economic Association lies in its criticism of policy based on the Phillips curve. It is argued that a reading of the text does not support such a view, and this and other considerations suggest that any such aim was far from Friedman’s mind in 1968. His objective was the quite different one of making a case for policy ‘rules’ rather than discretion.

Keywords: Milton Friedman; rules and discretion; expectations; Phillips curve (search for similar items in EconPapers)
JEL-codes: B22 B31 E58 (search for similar items in EconPapers)
Date: 2016-12-13
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-mon
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