| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12825 |
| DP12825 The Role of Financial Policy | |
| Roger Farmer | |
| 发表日期 | 2018-03-28 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | I review the contribution and influence of Milton Friedman’s 1968 presidential address to the American Economic Association. I argue that Friedman’s influence on the practice of central banking was profound and that his arguments in favour of monetary rules was responsible for thirty years of low and stable inflation in the period from 1979 through 2009. I present a critique of Friedman’s position that market-economies are self-stabilizing and I describe an alternative reconciliation of Keynesian economics with Walrasian general equilibrium theory from that which is widely accepted today by most neo-classical economists. My interpretation implies that government should intervene actively in financial markets to stabilize economic activity. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Keynesian economics Monetarism Natural rate of unemployment |
| URL | https://cepr.org/publications/dp12825 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541635 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP12825 The Role of Financial Policy. 2018. |
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