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Response to Nelson and Schwartz


  • Krugman, Paul


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.

Suggested Citation

  • Krugman, Paul, 2008. "Response to Nelson and Schwartz," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 857-860, May.
  • Handle: RePEc:eee:moneco:v:55:y:2008:i:4:p:857-860

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    References listed on IDEAS

    1. Richard G. Anderson, 2003. "Some tables of historical U.S. currency and monetary aggregates data," Working Papers 2003-006, Federal Reserve Bank of St. Louis.
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    Cited by:

    1. Nelson, Edward & Schwartz, Anna J., 2008. "Rejoinder to Paul Krugman," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 861-862, May.
    2. David Laidler, 2013. "Reassessing the Thesis of the Monetary History," University of Western Ontario, Economic Policy Research Institute Working Papers 20135, University of Western Ontario, Economic Policy Research Institute.
    3. repec:bpj:jossai:v:3:y:2015:i:2:p:145-153:n:4 is not listed on IDEAS

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