Milton Friedman and the Monetarist Counter-Revolution: A Re-appraisal

Thomas Palley

Eastern Economic Journal, 1993, vol. 19, issue 1, 71-81

Abstract: This paper provides a reappraisal of the monetarist counter-revolution. The paper introduces a novel distinction between "theoretical" and "empirical" monetarism. Theoretical monetarism is identified as a critique of the IS/LM transmission mechanism. However, the IS/LM can be readily modified to accommodate this criticism. Empirical monetarism is identified with Friedman's business cycle research program. It was this latter program that was the principal source of contention, having theoretical and policy implications that were diametrically opposed to Keynesianism.

Keywords: Monetarism (search for similar items in EconPapers)
JEL-codes: B22 B31 (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:19:y:1993:i:1:p:71-81

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