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Response to Nelson and Schwartz

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  • Krugman, Paul

Abstract

In responding to Nelson and Schwartz's [2008. The impact of Milton Friedman on modern monetary economics: setting the record straight on Paul Krugman's "Who was Milton Friedman?". Journal of Monetary Economics 55, this issue] critique of my "Who Was Milton Friedman", I focus on three central economic topics: (i) whether it is reasonable to claim that the Federal Reserve caused the Great Depression; (ii) whether monetary policy had the power to engineer an economic recovery after the onset of the depression; and (iii) whether monetarism succeeded or failed. On all these key points, I reject the criticisms of Nelson and Schwartz.

Suggested Citation

  • Krugman, Paul, 2008. "Response to Nelson and Schwartz," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 857-860, May.
    • Handle: RePEc:eee:moneco:v:55:y:2008:i:4:p:857-860
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    References listed on IDEAS

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    1. Richard G. Anderson, 2003. "Some tables of historical U.S. currency and monetary aggregates data," Working Papers 2003-006, Federal Reserve Bank of St. Louis.
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    Cited by:

    1. Nelson, Edward & Schwartz, Anna J., 2008. "Rejoinder to Paul Krugman," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 861-862, May.
    2. Zhang Xionglin & Lü Wenjuan & Lin Feng, 2015. "Can Scientific and Technological Talent Aggregation Accelerate Economic Growth? An Empirical Study," Journal of Systems Science and Information, De Gruyter, vol. 3(2), pages 145-153, April.
    3. David Laidler, 2013. "Reassessing the Thesis of the Monetary History," University of Western Ontario, Economic Policy Research Institute Working Papers 20135, University of Western Ontario, Economic Policy Research Institute.

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