Milton Friedman and U.S. Monetary History: 1961-2006

Nelson, Edward

doi:10.20955/r.89.153-182

Cited by 14 publications

(15 citation statements)

References 48 publications

(17 reference statements)

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“…It is seen that computed rates are highly fluctuating so that they will absorb the exogenous shocks and maintain the endogenous variables roughly stable. Nelson (2007) cited the monetary policy to offset the fluctuations of other variables, which originate from other source. In defining the thermostat hypothesis, Nelson (2007) concludes ‘if a variable Y has a stochastic relationship with a variable X that monetary policy can affect, a policy that stabilises Y will lead to fluctuations in X to offset other potential sources of variation in Y.…”

Section: Discussionmentioning

confidence: 99%

“…Nelson (2007) cited the monetary policy to offset the fluctuations of other variables, which originate from other source. In defining the thermostat hypothesis, Nelson (2007) concludes ‘if a variable Y has a stochastic relationship with a variable X that monetary policy can affect, a policy that stabilises Y will lead to fluctuations in X to offset other potential sources of variation in Y. The result will be a low empirical correlation between X and Y, despite the two enjoying a structural relationship’.…”

Section: Discussionmentioning

confidence: 99%

“…The result will be a low empirical correlation between X and Y, despite the two enjoying a structural relationship’. In another place where Nelson (2007) alluded to Friedman's interview with the Wall Street Journal (06/30/75), he quoted ‘that floating exchange rates had been “effective shock absorbers” against recent year's events, such as the OPEC shock’. Therefore, for being effective in absorbing shocks, as Nelson (2007) concludes, it is important that the exchange rates can fluctuate to absorb asymmetric shocks.…”

Section: Discussionmentioning

confidence: 99%

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Optimal monetary policy in the monetary union: effects on business cycles

Pedram¹

2011

OPEC Energy Review

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The difficulties of a common monetary policy in an economic and monetary union are well known where there are differences between the stage of the business cycles and inflation pressures. In this paper, I will show that in a simple open macro model and by using ‘weighted mean mechanism’ monetary authorities can employ a common monetary policy to synchronise diverging business cycles in the member states.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

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Optimal monetary policy in the monetary union: effects on business cycles

Pedram¹

2011

OPEC Energy Review

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“…At the impasse of this late-Keynesian malaise, an influential faction of bourgeois elites popularized an alternative neoliberal theory to what was perceived to be a failing, antiquated Keynesian model: It offered a return to flexible labor relations (and free of any union "interference"), high rates of unemployment (and thus more competition from the "bottom up"), government support of top-heavy economic growth, and a marketplace that empowered corporate growth (Nelson, 2007). This revolution was in large part guided by the theories of highly influential University of Chicago economics professor Milton Friedman and his "Chicago Boy" acolytes.…”

Section: Circuits Of Neoliberalismmentioning

confidence: 99%

Neoliberalism’s Last Lap? NASCAR Nation and the Cultural Politics of Sport

Newman

Giardina

2010

American Behavioral Scientist

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This article examines the ways in which cultural and political intermediaries have endeavored to systematically reorganize the spectacles of North American stock car racing to reinscribe and re-present the hegemonic order of free-market capitalism. To this end, the authors draw from a complex synthesis of economic, social, and cultural theory to interrogate the political and corporate dimensions of "NASCAR Nation." More specifically, they offer a critical investigation of the dialectic relationship between the expanding regimes of capital accumulation brought forth by neoliberal economic policy, its political imperatives and operatives, and the cultural politics that actively shape consumer experiences within the sport. They likewise interpret how corporate capitalism acts as a prevailing fixture within these spectacular spaces and fan-spectator praxis. In sum, they argue that the commercial precepts of the National Association for Stock Car Auto Racing (NASCAR) present a twisted contradiction, whereby NASCAR fans laud the same neoliberal market forces that both mesmerize their consumer sensibilities and simultaneously decimate their own postindustrial labor conditions.

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“…Friedman (, p. 91) stated that “the evidence for this concept is certainly far from conclusive.” In the early‐1980s, he switched to M1. Nelson () provides a discussion of the reasons for the switch.…”

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confidence: 99%

In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules

Tavlas¹

2015

J of Money Credit Banking

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This paper examines the different policy rules proposed by Henry Simons, who, beginning in the mid‐1930s, advocated a price‐level stabilization rule, and by Milton Friedman, who, beginning in the late‐1950s, advocated a rule that targeted a constant growth rate of the money supply. Although both rules shared the objective of eliminating the policy uncertainty emanating from discretion, they differed because of the different views of Simons and Friedman about the stability of secular relationships. Simons’ rule relates to modern rules that emphasize the pursuit of price stability as representing optimal monetary policy.

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Milton Friedman and U.S. Monetary History: 1961-2006

Cited by 14 publications

References 48 publications

Optimal monetary policy in the monetary union: effects on business cycles

Optimal monetary policy in the monetary union: effects on business cycles

Neoliberalism’s Last Lap? NASCAR Nation and the Cultural Politics of Sport

In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules

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