1 option
The Role of Financial Policy / Roger Farmer.
- Format:
- Book
- Author/Creator:
- Farmer, Roger.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24498.
- NBER working paper series no. w24498
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- 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.
- Notes:
- Print version record
- April 2018.
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