IDEAS home Printed from https://ideas.repec.org/a/prg/jnlcfu/v2012y2012i4id3p15-31.html
   My bibliography  Save this article

Milton Friedman and the Contemporary Monetary Policy
[Milton Friedman a současná měnová politika]

Author

Listed:
  • Jitka Koderová

Abstract

Milton Friedman, American Nobel price winner for Economics, was one of the most important economists in the 20th century. He contributed to the development of macroeconomic theory as well as to the new concept of monetary policy. In the area of economic theory two of main Friedman´s contributions are recorded: the new interpretation of the Quantity Theory of Money and the theory of the Natural Rate of Unemployment. In the area of economic policy his criticism of neo-Keynesian orientation to the stimulation of effective demand and the interest rate targeting is mentioned and his recommendation to manage the money supply is underlined. Friedman´s criticism of the monetary policy of the Federal Reserve during the Great Depression is also paid attention to as well as the contemporary monetary policy of the American central bank.

Suggested Citation

  • Jitka Koderová, 2012. "Milton Friedman and the Contemporary Monetary Policy [Milton Friedman a současná měnová politika]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2012(4), pages 15-31.
    • Handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:4:id:3:p:15-31
    DOI: 10.18267/j.cfuc.3
    as

    Download full text from publisher

    File URL: http://cfuc.vse.cz/doi/10.18267/j.cfuc.3.html
    Download Restriction: free of charge
    File URL: http://cfuc.vse.cz/doi/10.18267/j.cfuc.3.pdf
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.cfuc.3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
    2. Miroslav Hrncir, 2009. "Monetary Policy and Central Banking in the Wake of the World Financial Crisis," ACTA VSFS, University of Finance and Administration, vol. 3(2), pages 137-166.
    3. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
    4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, June.
    5. Cross,Rod Preface by-Name:Blanchard,Olivier (ed.), 1995. "The Natural Rate of Unemployment," Cambridge Books, Cambridge University Press, number 9780521483308, November.
    6. A. W. Phillips, 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957," Economica, London School of Economics and Political Science, vol. 25(100), pages 283-299, November.
    7. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    2. Gauti B. Eggertsson & Sergey K. Egiev, 2024. "Liquidity Traps: A Unified Theory of the Great Depression and Great Recession," NBER Working Papers 33195, National Bureau of Economic Research, Inc.
    3. Homburg, Stefan, 2017. "A Study in Monetary Macroeconomics," OUP Catalogue, Oxford University Press, number 9780198807537.
    4. Nelson, Edward & Schwartz, Anna J., 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, Elsevier, vol. 55(4), pages 835-856, May.
    5. Christian Johnson & George G Kaufman, 2007. "Un banco, con cualquier otro nombre…," Boletín, CEMLA, vol. 0(4), pages 185-199, Octubre-d.
    6. Lucas Papademos, 2005. "Macroeconomic theory and monetary policy: the contributions of Franco Modigliani and the ongoing debate," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 187-214.
    7. Asahi Noguchi, 2020. "Shifting Policy Strategy in Keynesianism," Papers 2006.11749, arXiv.org.
    8. Mehmet Balcilar & Rangan Gupta & Stephen M. Miller, 2014. "Housing and the Great Depression," Applied Economics, Taylor & Francis Journals, vol. 46(24), pages 2966-2981, August.
    9. Podshivalov, Georgii, 2019. "Observing the Evolution in Macroeconomic Theory," MPRA Paper 97657, University Library of Munich, Germany.
    10. Farmer, Roger E. A. & Plotnikov, Dmitry, 2012. "Does Fiscal Policy Matter? Blinder And Solow Revisited," Macroeconomic Dynamics, Cambridge University Press, vol. 16(S1), pages 149-166, April.
    11. repec:hal:spmain:info:hdl:2441/eul7jlnf19iq8tdp0vlfv63n5 is not listed on IDEAS
    12. Voinea, Liviu, 2019. "The Post-Crisis Phillips Curve: A New Empirical Relationship between Wage and Inflation," GLO Discussion Paper Series 303, Global Labor Organization (GLO).
    13. Craig Freedman & Geoff C. Harcourt & Peter Kriesler & John Nevilet, 2013. "Milton Friedman: Constructing an Anti-Keynes," Discussion Papers 2013-35, School of Economics, The University of New South Wales.
    14. Arghyrou, Michael G, 2014. "Is Greece turning the corner? A theory-based assessment of recent Greek macro-policy," Cardiff Economics Working Papers E2014/16, Cardiff University, Cardiff Business School, Economics Section.
    15. Joshua R. Hendrickson, 2017. "An Evaluation of Friedman's Monetary Instability Hypothesis," Southern Economic Journal, John Wiley & Sons, vol. 83(3), pages 744-755, January.
    16. Galbács, Péter, 2019. "A chicagonomics és a közgazdaságtan imperializmusa ["Chicagonomics" and the imperialism of economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 229-255.
    17. Huang, Jiayi & Zhou, Peng, 2024. "Causes and effects of social media engagement in luxury fashion marketing: A comparative study over the COVID pandemic," Cardiff Economics Working Papers E2024/16, Cardiff University, Cardiff Business School, Economics Section.
    18. Sedlarski, Teodor, 2012. "Монетаристко Развитие На Теорията На Търсенето На Пари [Monetarist development of the money demand theory]," MPRA Paper 56694, University Library of Munich, Germany.
    19. N. G. Mankiw, 2009. "The Macroeconomist as Scientist and Engineer," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 5.
    20. Estrada, Mario Arturo Ruiz & Yap, Su Fei, 2013. "The origins and evolution of policy modeling," Journal of Policy Modeling, Elsevier, vol. 35(1), pages 170-182.
    21. Francesco Saraceno, 2017. "Rethinking fiscal policy : lessons from the european monetary union," SciencePo Working papers Main hal-03457591, HAL.

    More about this item

    Keywords

    Milton Friedman; Macroeconomics; Monetary Policy; Makroekonomická teorie; Měnová politika;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:4:id:3:p:15-31. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.