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Was the Monetarist Tradition Invented?

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Author Info
Tavlas, George S

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Abstract

In 1969, Harry Johnson charged that Milton Friedman 'invented' a Chicago oral quantity theory tradition, the idea being that in order to launch a monetarist counter-revolution, Friedman needed to establish a linkage with pre-Keynesian orthodoxy. This paper shows that there was a distinct pre-Keynesian Chicago quantity-theory tradition that advocated increased government expenditure during the Great Depression in order to put money directly into circulation. This policy stance distinguished the Chicago economists from other quantity theorists, leaving them less susceptible to the Keynesian revolution. Those who have been critical of Friedman's claim that his work derives from the earlier Chicago tradition have focused exclusively on Friedman's long-run empirical specification of money demand. Friedman's cyclical analysis is shown to be very much in the Chicago tradition. Other connections between Friedman's views and the Chicago tradition are also discussed. Copyright 1998 by American Economic Association.

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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 12 (1998)
Issue (Month): 4 (Fall)
Pages: 211-22
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Handle: RePEc:aea:jecper:v:12:y:1998:i:4:p:211-22

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  1. Aschheim, Joseph & Tavlas, George S, 1996. "Monetary Economics in Doctrinal Perspective: Review Essay," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(3), pages 406-17, August. [Downloadable!] (restricted)
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  1. J. Bradford De Long, 2000. "The Triumph of Monetarism?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 83-94, Winter. [Downloadable!] (restricted)
  2. Hugh Rockoff, 2006. "On the Origins of "A Monetary History"," NBER Working Papers 12666, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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