The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's Who was Milton Friedman?

• 成果类型: Review
• 署名作者: Nelson, Edward; Schwartz, Anna J.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.01.001
• 发表日期: 2008
• 页码: 835-856
• 关键词: monetarism; new Keynesian economics; inflation; Price controls; Great Depression

摘要

Paul Krugman's essay Who Was Milton Friedman? seriously mischaracterizes Friedman's economics and his legacy. In this paper, we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern monetary economics and on today's central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s. (c) 2008 Elsevier 13N. All rights reserved.