Milton Friedman
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer
Book notes: Fed Up, by Danielle diMartino Booth
A “fascinating but annoying” account by a US Federal Reserve insider who openly criticises the culture of the US central bank and policy decisions made by the institution leading up to and following the financial crisis
BoJ paper attempts to ditch Friedman rule with new model
Paper outlines model where mild inflation is welfare-optimising, in contrast to Milton Friedman’s rule implying mild deflation, which underpins many monetary models
IMF paper finds ‘robust' relationship between exchange rate flexibility and external adjustment
Using a data set of bilateral exchange rate regimes, study revives Milton Friedman's argument that a flexible rate facilitates external adjustment
Empirical study informed Friedman's shift to monetarism
Divergence in views of Milton Friedman and Henry Simons was due to different emphasis on data construction and analysis, argues George Tavlas
Central bank independence is 'oversold', says Cargill
Thomas Cargill, chair of the AEA's session on central bank independence, says rules-based approach first advocated by Milton Friedman is 'far more important' for price stability
Independence no substitute for rules-based policy
Thomas Cargill summarises the conclusions of four papers by world-leading economists on the issue of central bank governance and finds independence is overrated
Booknotes: The Federal Reserve and the Financial Crisis
This volume is based on the transcripts of four lectures from a series delivered by the chairman of the Federal Reserve Board at George Washington University in the spring of 2012