IDEAS home Printed from https://ideas.repec.org/a/eee/jimfin/v28y2009i7p1086-1096.html
   My bibliography  Save this article

Milton Friedman's monetary economics and the quantity-theory tradition

Author

Listed:
  • Lothian, James R.

Abstract

This article provides a selective review of Milton Friedman's contributions to monetary economics focusing on five areas in particular: the demand for money, the joint historical and empirical work with Anna J. Schwartz, the theoretical and empirical analyses of the Phillips Curve, monetary policy and monetary dynamics.

Suggested Citation

  • Lothian, James R., 2009. "Milton Friedman's monetary economics and the quantity-theory tradition," Journal of International Money and Finance, Elsevier, vol. 28(7), pages 1086-1096, November.
  • Handle: RePEc:eee:jimfin:v:28:y:2009:i:7:p:1086-1096
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0261-5606(09)00059-X
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Dellas, Harris & Tavlas, George S., 2009. "An optimum-currency-area odyssey," Journal of International Money and Finance, Elsevier, vol. 28(7), pages 1117-1137, November.
    2. Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," NBER Chapters,in: The Demand for Money: Some Theoretical and Empirical Results, pages 1-29 National Bureau of Economic Research, Inc.
    3. Taylor, John B., 2001. "An Interview With Milton Friedman," Macroeconomic Dynamics, Cambridge University Press, vol. 5(01), pages 101-131, February.
    4. Brunner, Karl & Meltzer, Allan H, 1972. "Friedman's Monetary Theory," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 837-851, Sept.-Oct.
    5. Friedman, Milton, 1988. "Money and the Stock Market," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 221-245, April.
    6. Milton Friedman & Anna J. Schwartz, 1987. "Has Government Any Role in Money?," NBER Chapters,in: Money in Historical Perspective, pages 289-314 National Bureau of Economic Research, Inc.
    7. George S. Tavlas, 1998. "Was the Monetarist Tradition Invented?," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 211-222, Fall.
    8. Milton Friedman, 1971. "Correspondence of the Monetary Theory of Nominal Income with Experience," NBER Chapters,in: A Theoretical Framework for Monetary Analysis, pages 46-48 National Bureau of Economic Research, Inc.
    9. Robert J. Barro, 2007. "Milton Friedman: Perspectives, Particularly on Monetary Policy," Cato Journal, Cato Journal, Cato Institute, vol. 27(2), pages 127-134, Spring/Su.
    10. Milton Friedman, 1953. "Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 61, pages 277-277.
    11. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters,in: A Theory of the Consumption Function, pages 1-6 National Bureau of Economic Research, Inc.
    12. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1, December.
    13. Friedman, Milton, 1971. "A Monetary Theory of Nominal Income," Journal of Political Economy, University of Chicago Press, vol. 79(2), pages 323-337, March-Apr.
    14. Milton Friedman & Anna Jacobson Schwartz, 1970. "Monetary Statistics of the United States: Estimates, Sources, Methods," NBER Books, National Bureau of Economic Research, Inc, number frie70-1, December.
    15. Nelson, Edward & Schwartz, Anna J., 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, Elsevier, vol. 55(4), pages 835-856, May.
    16. Milton Friedman, 1949. "The Marshallian Demand Curve," Journal of Political Economy, University of Chicago Press, vol. 57, pages 463-463.
    17. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, December.
    18. repec:ucp:bkecon:9780226264141 is not listed on IDEAS
    19. Friedman, Milton, 1971. "Government Revenue from Inflation," Journal of Political Economy, University of Chicago Press, vol. 79(4), pages 846-856, July-Aug..
    20. Patinkin, Don, 1972. "Friedman on the Quantity Theory and Keynesian Economics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 883-905, Sept.-Oct.
    21. Milton Friedman & Anna Jacobson Schwartz, 1970. "Introduction to "Monetary Statistics of the United States: Estimates, Sources, Methods"," NBER Chapters,in: Monetary Statistics of the United States: Estimates, Sources, Methods, pages 1-85 National Bureau of Economic Research, Inc.
    22. Friedman, Milton & Schwartz, Anna J, 1982. "The Effect of the Term Structure of Interest Rates on the Demand for Money in the United States," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 201-212, February.
    23. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
    24. Davidson, Paul, 1972. "A Keynesian View of Friedman's Theoretical Framework for Monetary Analysis," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 864-882, Sept.-Oct.
    25. Milton Friedman, 1935. "Professor Pigou's Method for Measuring Elasticities of Demand from Budgetary Data," The Quarterly Journal of Economics, Oxford University Press, vol. 50(1), pages 151-163.
    26. Patinkin, Don, 1969. "The Chicago Tradition, the Quantity Theory, and Friedman," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 46-70, February.
    27. Milton Friedman, 1971. "Some Dynamic Implications of the Monetary Theory of Nominal Income," NBER Chapters,in: A Theoretical Framework for Monetary Analysis, pages 40-43 National Bureau of Economic Research, Inc.
    28. Friedman, Milton, 1977. " Time Perspective in Demand for Money," Scandinavian Journal of Economics, Wiley Blackwell, vol. 79(4), pages 397-416.
    29. Boyer, Russell S., 2009. "Reflections on Milton Friedman's contributions to open economy money/macro," Journal of International Money and Finance, Elsevier, vol. 28(7), pages 1097-1116, November.
    30. Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-950, Sept.-Oct.
    31. Michael D. Bordo & John H. Cochrane (ed.), 2018. "The Structural Foundations of Monetary Policy," Books, Hoover Institution, Stanford University, number 3.
    32. Stigler, George J, 1976. "The Successes and Failures of Professor Smith," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1199-1213, December.
    33. Pelloni, Gianluigi, 1987. "A Note on Friedman and the Neo-Bayesian Approach," The Manchester School of Economic & Social Studies, University of Manchester, vol. 55(4), pages 407-418, December.
    34. Clower, Robert W., 1964. "Monetary History and Positive Economics," The Journal of Economic History, Cambridge University Press, vol. 24(03), pages 364-380, September.
    35. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, December.
    36. Friedman, Milton, 1977. "Nobel Lecture: Inflation and Unemployment," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 451-472, June.
    37. Johnson, Harry G, 1971. "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review, American Economic Association, vol. 61(2), pages 1-14, May.
    38. Anna J. Schwartz, 2004. "Why A Monetary History Has Had a Long Life," Cato Journal, Cato Journal, Cato Institute, vol. 23(3), pages 353-355, Winter.
    39. Tobin, James, 1972. "Friedman's Theoretical Framework," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 852-863, Sept.-Oct.
    40. Friedman, Milton & Schwartz, Anna J, 1991. "Alternative Approaches to Analyzing Economic Data," American Economic Review, American Economic Association, vol. 81(1), pages 39-49, March.
    41. Milton Friedman & Anna J. Schwartz, 1982. "Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975," NBER Books, National Bureau of Economic Research, Inc, number frie82-2, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Salahodjaev, Raufhon & Chepel, Sergey, 2014. "Institutional Quality and Inflation," MPRA Paper 55272, University Library of Munich, Germany.
    2. repec:wly:jmoncb:v:50:y:2018:i:4:p:757-787 is not listed on IDEAS
    3. George S. Tavlas, 2015. "In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 99-121, February.
    4. James R. Lothian & George S. Tavlas, 2018. "How Friedman and Schwartz Became Monetarists," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(4), pages 757-787, June.
    5. Peter J. Boettke & Daniel J. Smith, 2016. "Evolving views on monetary policy in the thought of Hayek, Friedman, and Buchanan," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(4), pages 351-370, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jimfin:v:28:y:2009:i:7:p:1086-1096. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/locate/inca/30443 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.