The Role of Financial Policy

Roger Farmer

No 24498, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: I review the contribution and influence of Milton Friedman’s 1968 presidential address to the American Economic Association. I argue that Friedman’s influence on the practice of central banking was profound and that his argument in favour of monetary rules was responsible for thirty years of low and stable inflation in the period from 1979 through 2009. I present a critique of Friedman’s position that market-economies are self-stabilizing, and I describe an alternative reconciliation of Keynesian economics with Walrasian general equilibrium theory from that which is widely accepted today by most neo-classical economists.

JEL-codes: E3 E4 (search for similar items in EconPapers)
Date: 2018-04
New Economics Papers: this item is included in nep-hpe and nep-mac
Note: EFG ME
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published as Roger E.A. Farmer, 2018. "The role of financial policy," Review of Keynesian Economics, vol 6(4), pages 446-460.

Downloads: (external link)
http://www.nber.org/papers/w24498.pdf (application/pdf)

Related works:
Journal Article: The role of financial policy (2018)
Working Paper: The Role of Financial Policy (2018)
Working Paper: The Role of Financial Policy (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:24498

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w24498

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().