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Milton Friedman's Monetary Framework: A Debate with His Critics
by , , , ,
In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal Income," both in the Journal of Political Economy. A combined version of these essays, ...more
Paperback, 199 pages
Published May 15th 1975 by University of Chicago Press Journals
(first published January 1st 1974)
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Despite the success of Milton Friedman’s and Anna Schwartz’s highly empirical A Monetary History of the United States, 1867-1960, many economists criticized Friedman for failing to articulate a clear, mathematical theory of how he thought money actually affected the economy. In 1970, in the Journal of Political Economy, Friedman provided his theory. His paper, the responses of four critics of varying friendliness, and his counter-response were then collected in this book. Although Friedman’s the ...more