What was the message of Friedman’s Presidential Address to the American Economic Association?

Duelling presidential addresses: the Keynesian response to Milton Friedman’s ‘The role of monetary policy’

James Forder

Cambridge Journal of Economics, 2018, vol. 42, issue 2, 523-541

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. However, it is argued here 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 1967. 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)
Date: 2018
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