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Editor’s Pick: Who Was Milton Friedman – Response to Paul Krugman

In February 2007 Paul Krugman published the essay: “Who Was Milton Friedman”  in the New York Review of Books.

Now Edward Nelson of the Federal Reserve Bank of St. Louis, and Anna J. Schwartz of NBER publish their response:

The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman’s “Who Was Milton Friedman?” 

“Paul Krugman’s essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman’s economics and his legacy. In this paper we provide a rejoinder to Krugman  on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman’s impact on modern monetary economics and on today’s central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.”

No Responses to “Editor’s Pick: Who Was Milton Friedman – Response to Paul Krugman”

JuanOctober 30th, 2007 at 4:00 pm

Would they please refute the real world consequences of ‘Chicago School’ policies as they were enacted in, for example, mid-1970s Chile. Well, really no need to since, while perhaps not popular, that’s be done by others.

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Thomas Grennes Thoughts From Across the Atlantic

Thomas Grennes is a professor of economics at the North Carolina State University and a former visiting faculty member at the Stockholm School of Economics in Riga. His research has dealt with various aspects of international economics, including open economy macroeconomics, international finance, and international trade in agricultural products. Recent research topics have included macroeconomic aspects of the Great Moderation, offshore outsourcing, sovereign wealth funds, and the relationship between government debt and economic growth. Earlier work dealt with emerging market issues in the Baltic countries and Russia and trade and macro policies in Sub-Saharan Africa. Economic history topics include the Columbian Exchange of plants and animals, the effects on food markets of introducing mechanical refrigeration, and the integration of Tsarist Russia into the world grain market. When he is not involved in economics, he enjoys mountain hiking.

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