Response to Nelson and Schwartz

• 成果类型: Article
• 署名作者: Krugman, Paul
• 署名单位: Princeton University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.05.011
• 发表日期: 2008
• 页码: 857-860
• 关键词: monetarism; Great Depression

摘要

In responding to Nelson and Schwartz's [2008. The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman's Who was Milton Friedman?. journal of Monetary Economics 55, this issue] critique of my Who Was Milton Friedman, I focus on three central economic topics: (i) whether it is reasonable to claim that the Federal Reserve caused the Great Depression: (ii) whether monetary policy had the power to engineer an economic recovery after the onset of the depression; and (iii) whether monetarism succeeded or failed. On all these key points, I reject the criticisms of Nelson and Schwartz. (c) 2008 Published by Elsevier B.V.