The Brazilian Connection in Milton Friedman's 1967 Presidential Address and 1976 Nobel Lecture

Abstract

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Economists, Scientific Communities, and Pandemics: An Exploratory Study of Brazil(1918-2020)

“…An international conference held in Rio (Baer and Kerstenetzky, 1964) -funded by the Ford and Rockefeller Foundations and by the Economic Growth Center at Yale -about the Latin American persistent debate between structuralism and monetarism (a term originally coined by Brazilian economists) got him started on the subject, leading to his modeling of inertial inflation processes and widespread indexation mechanisms practiced in Brazil at the time. Milton Friedman's praise of Brazilian indexation -upon his visit to Brazil in 1973 (Boianovsky, 2020) -attracted critical attention from the economic community worldwide, resulting in a couple of international conferences held in São Paulo and Rio, one of them co-organized by Simonsen (Dornbusch and Simonsen, 1983). The formalization of inflationary processes under widespread indexationas well as the design of monetary reforms to stabilize the economy -by Simonsen and other Brazilian economists reinforced the ties between the Brazilian economic scientific community and its international peers.…”

THE “PLACE OF THE PHILLIPS CURVE” IN MACROECONOMETRIC MODELS: THE CASE OF THE FEDERAL RESERVE BOARD’S MODEL (1966–1980s)

“…As for hyperinflation, in his Presidential Address Friedman referred to the case of Brazil. On this, see Boianovsky (2020), according to which Friedman’s closeness with South American countries and his awareness of Brazil’s inflation acceleration in the 1960s influenced his reasoning on the natural rate hypothesis (see also Gordon 2011, p. 16). In the 1966 memoranda Friedman referred instead to the case of Japan.…”