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Friedman’s presidential address in the evolution of macroeconomic thought

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  • Reis, Ricardo
  • Mankiw, N. Gregory

Abstract

This essay discusses the role of Milton Friedman’s presidential address to the American Economic Association, which was given a half century ago and helped set the stage for modern macroeconomics. We discuss where macroeconomics was before the address, what insights Friedman offered, where researchers and central bankers stand today on these issues, and (most speculatively) where we may be heading in the future.

Suggested Citation

  • Reis, Ricardo & Mankiw, N. Gregory, 2018. "Friedman’s presidential address in the evolution of macroeconomic thought," LSE Research Online Documents on Economics 85664, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:85664
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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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