Milton Friedman and the Monetarist Counter-Revolution: A Re-appraisal
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.
Volume (Year): 19 (1993)
Issue (Month): 1 (Winter)
|Contact details of provider:|| Postal: |
Phone: (201) 684-7346
Web page: http://www.ramapo.edu/eea/journal.html
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
When requesting a correction, please mention this item's handle: RePEc:eej:eeconj:v:19:y:1993:i:1:p:71-81. 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: (Victor Matheson, College of the Holy Cross)
If references are entirely missing, you can add them using this form.