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Milton Friedman and the Contemporary Monetary Policy

Author

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  • Jitka Koderová

Abstract

Milton Friedman, American Nobel price winner for Economics, was one of the most important economists in the 20th century. He contributed to the development of macroeconomic theory as well as to the new concept of monetary policy. In the area of economic theory two of main Friedman´s contributions are recorded: the new interpretation of the Quantity Theory of Money and the theory of the Natural Rate of Unemployment. In the area of economic policy his criticism of neo-Keynesian orientation to the stimulation of effective demand and the interest rate targeting is mentioned and his recommendation to manage the money supply is underlined. Friedman´s criticism of the monetary policy of the Federal Reserve during the Great Depression is also paid attention to as well as the contemporary monetary policy of the American central bank.

Suggested Citation

  • Jitka Koderová, 2012. "Milton Friedman and the Contemporary Monetary Policy," Český finanční a účetní časopis, University of Economics, Prague, vol. 2012(4), pages 15-31.
  • Handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:4:id:3:p:15-31
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    References listed on IDEAS

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    1. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    2. Miroslav Hrncir, 2009. "Monetary Policy and Central Banking in the Wake of the World Financial Crisis," ACTA VSFS, University of Finance and Administration, vol. 3(2), pages 137-166.
    3. 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.
    4. 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.
    5. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1.
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    More about this item

    Keywords

    Milton Friedman; Macroeconomics; Monetary Policy; Makroekonomická teorie; Měnová politika;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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