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Milton Friedman and U.S. monetary history: 1961-2006

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Abstract

This paper brings together, using extensive archival material from several countries, scattered information about Milton Friedman?s views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz?s Monetary History of the United States). I evaluate these interpretations and predictions in light of subsequent events.

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  • Edward Nelson, 2007. "Milton Friedman and U.S. monetary history: 1961-2006," Working Papers 2007-002, Federal Reserve Bank of St. Louis.
    • Handle: RePEc:fip:fedlwp:2007-002
    DOI: 10.20955/wp.2007.002
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    1. Erceg, Christopher J. & Levin, Andrew T., 2003. "Imperfect credibility and inflation persistence," Journal of Monetary Economics, Elsevier, vol. 50(4), pages 915-944, May.
    2. Richard G. Anderson & Kenneth A. Kavajecz, 1994. "A historical perspective on the Federal Reserve's monetary aggregates: definition, construction and targeting," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 1-31.
    3. Olivier Blanchard & John Simon, 2001. "The Long and Large Decline in U.S. Output Volatility," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 135-174.
    4. Arthur F. Burns, 1973. "Monetary policy: a letter," Economic Review, Federal Reserve Bank of San Francisco, issue Nov, pages 3-13.
    5. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, March.
    6. Milton Friedman, 1970. "Comment on Tobin," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(2), pages 318-327.
    7. Michael R. Darby & William Poole & David E. Lindsey & Milton Friedman & Michael J. Bazdarich, 1987. "Recent Behavior Of The Velocity Of Money," Contemporary Economic Policy, Western Economic Association International, vol. 5(1), pages 1-33, January.
    8. Arthur F. Burns, 1973. "Letter on monetary policy," Review, Federal Reserve Bank of St. Louis, vol. 55(Nov), pages 15-22.
    9. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Aug), pages 9-110.
    10. Alan S. Blinder, 1997. "Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--And Vice Versa," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 3-19, Spring.
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