Money and Output: Friedman and Schwartz Revisited
نویسندگان
چکیده
منابع مشابه
Friedman and Schwartz ’ s Monetary Explanation of the Great Depression : Old Challenges and New Evidence
For many, Friedman and Schwartz’s Monetary History of the United States (1963) is synonymous with the notion that monetary contraction and errors by the Federal Reserve caused the Great Depression. Though that is one of the book’s conclusions, this quick summary both sells the book short in important ways and oversells its findings about the 1930s. The crucial way it sells the book short is tha...
متن کاملDomestic Money and US Output and Inflation
Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and th...
متن کاملDoes Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz
This paper investigates whether nominal disturbances have important real effects. What differentiates the paper from the countless others on the same subject is that it focuses not on purely statistical evidence but on evidence derived from the historical record--evidence based on what we call the "narrative approach." This approach was pioneered by Friedman and Schwartz in their Monetary Histo...
متن کاملFriedman Meets Hosios: Efficiency in Search Models of Money∗
In this paper we study the inefficiencies of the monetary equilibrium and optimal monetary policies in a search economy. We show that the same frictions that give fiat money a positive value generate an inefficient quantity of goods in each trade and an inefficient number of trades (or search decisions). The Friedman rule eliminates the first inefficiency and the Hosios rule the second. A monet...
متن کاملThe IPE of money revisited
Some two decades after an earlier review essay of mine, the time seems ripe to revisit the international political economy (IPE) of money. How has the study of money evolved in more recent years, and what is the understanding of international monetary politics today? The main message of this essay is – to be blunt – disappointment. Research has become increasingly insular and introspective, lar...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2016
ISSN: 0022-2879
DOI: 10.1111/jmcb.12332