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Milton Friedman and the Monetarist Counter-Revolution: A Re-appraisal

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  • Thomas I. Palley

    (New School for Social Research)

Abstract

This paper provides a reappraisal of the monetarist counter-revolution. The paper introduces a novel distinction between "theoretical" and "empirical" monetarism. Theoretical monetarism is identified as a critique of the IS/LM transmission mechanism. However, the IS/LM can be readily modified to accommodate this criticism. Empirical monetarism is identified with Friedman's business cycle research program. It was this latter program that was the principal source of contention, having theoretical and policy implications that were diametrically opposed to Keynesianism.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume19/V19N1P71_81.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 19 (1993)
Issue (Month): 1 (Winter)
Pages: 71-81

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Handle: RePEc:eej:eeconj:v:19:y:1993:i:1:p:71-81

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Related research

Keywords: Monetarism;

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References

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  1. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
  2. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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Cited by:
  1. Mihaela Ifrim, 2011. "Some Monetarist Reflections On Business Cycles," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 433-440, november.

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