Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz
نویسنده
چکیده
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 History of the United States and has
منابع مشابه
Monetary Trends in the United States and the United Kingdom: * A Review from the Perspective of New Developments in Monetary Economics
ILTON FRIEDMAN AND ANNA SCHWARTZ' Monetary Trends reports a great many findings—53 are enumerated in the introduction—but paramount is the stability of the demand for money in the US and Britain over the past century. The money stock controls money income. This proposition more than anything else is the point of their painstaking investigation. Friedman and Schwartz argue against what might neu...
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