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What was the message of Friedman’s Presidential Address to the American Economic Association?
[Duelling presidential addresses: the Keynesian response to Milton Friedman’s ‘The role of monetary policy’]

Author

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  • James Forder

Abstract

It is widely accepted that the importance of Friedman’s Presidential Address to the American Economic Association lies in its criticism of policy based on the Phillips curve. However, it is argued here that a reading of the text does not support such a view, and this and other considerations suggest that any such aim was far from Friedman’s mind in 1967. His objective was the quite different one of making a case for policy ‘rules’ rather than ‘discretion’.

Suggested Citation

  • James Forder, 2018. "What was the message of Friedman’s Presidential Address to the American Economic Association? [Duelling presidential addresses: the Keynesian response to Milton Friedman’s ‘The role of monetary pol," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(2), pages 523-541.
    • Handle: RePEc:oup:cambje:v:42:y:2018:i:2:p:523-541.
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    File URL: http://hdl.handle.net/10.1093/cje/bex052
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    Cited by:

    1. James Forder & Hugo Monnery, 2019. "Why Did Milton Friedman Win the Nobel Prize? A Consideration of His Early Work on Stabilization Policy," Econ Journal Watch, Econ Journal Watch, vol. 16(1), pages 130–145-1, March.

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