Rule-based frameworks in historical perspective: Keynes' and Friedman's monetary policies versus contemporary policy-rules

Sylvie Rivot

The European Journal of the History of Economic Thought, 2015, vol. 22, issue 4, 601-633

Abstract: This paper compares Keynes' and Friedman's views on monetary policy in the light of contemporary views on this issue. First, it is demonstrated that what are today called 'rules' do not fit into a Friedmanite tradition, basically because of Friedman's refusal to allow any discretion to monetary authorities and his model-uncertainty argument. Second, it is shown that Keynes' monetary guidelines are also in fact 'rules', although his conception of a 'discretionary rule' is in sharp contrast with contemporary conceptions. What is ultimately at stake here is the capacity of collective bodies to behave efficiently, and the role played by uncertainty in the economy.

Date: 2015
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DOI: 10.1080/09672567.2013.792369

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