NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Benjamin M. Friedman

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Books

Financing Corporate Capital Formation
Published in 1986 by University of Chicago Press
© 1986 by the National Bureau of Economic Research

Corporate Capital Structures in the United States
Published in 1985 by University of Chicago Press
© 1985 by the National Bureau of Economic Research

The Changing Roles of Debt and Equity in Financing U.S. Capital Formation
Published in 1982 by University of Chicago Press
© 1982 by the National Bureau of Economic Research

Working Papers and Chapters

May 2014Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy?
w20128
April 2013The Simple Analytics of Monetary Policy: A Post-Crisis Approach
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July 2012Comment on "Opting Out of the Great Inflation: German Monetary Policy after the Break Down of Bretton Woods"
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
July 2010Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?
with Kenneth N. Kuttner: w16165

Published: β€œImplementation of Monetary Policy: How Do Central Banks Set Interest Rates?” (co-authored with Kenneth N. Kuttner). Friedman and Woodford (eds.), Handbook of Monetary Economics . Vol. 3. Amsterdam: North-Holland, 2011.

March 2006The Greenspan Era: Discretion, Rather Than Rules
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Published: Friedman, Benjamin M. "The Greenspan Era: Discretion, Rather Than Rules," American Economic Review, 2006, v96(2,May), 174-177.

October 2005Deficits and Debt in the Short and Long Run
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Published: Kopcke, Richard W., Geoffrey M.B. Tootell, and Robert K. Triest (eds.) The Macroeconomics of Fiscal Policy. Cambridge and London: MIT Press, 2006.

May 2005What Remains from the Volcker Experiment?
w11346
November 2003The LM Curve: A Not-So-Fond Farewell
w10123
May 2002The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency
w8972

Published: Mizen, Paul (ed.) Essays in honour of Charles Goodhart. Volume 1. Central banking, monetary theory and practice. Cheltenham, U.K. and Northampton, MA: Elgar, 2003.

December 2000The Role of Interest Rates in Federal Reserve Policymaking
w8047

Published: Benjamin M. Friedman, 2000. "The role of interest rates in Federal Reserve policymaking," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Oct, pages 43-66.

Monetary Policy
w8057
October 2000Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking
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Published: Friedman, Benjamin M. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking." International Finance 3, 2 (July 2000): 261-72.

May 2000Debt Restructuring
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April 2000What Have We Learned from the Reagan Deficits and Their Disappearance?
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Published: Friedman, Benjamin. "What Have We Learned From The Disappearance Of The Deficits?," CHALLENGE, 2000, v43(4,Jul-Aug), 5-21.

November 1999The Future of Monetary Policy: The Central Bank as an Army With Only a Signal Corps
w7420

Published: IF, Vol. 2, no. 3 (November 1999): 321-328.

November 1996A Price Target for U.S. Monetary Policy? Lessons from the Experience with Money Growth Targets
with Kenneth N. Kuttner: r2091

Published: Brookings Papers on Economic Activity, 1996:1, pp. 77-125, 144-146.

February 1996The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy
w5465

Published: β€œThe Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy.” Kuroda (ed.), Toward More Effective Monetary Policy. London: Macmillan, 1996.

August 1995Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask This Question?
w5212

Published: Monetary Policy in an Integrated World Economy, Horst Siebert, ed., pp. 3- 30, (Tubingen: J.C.B. Mohr (Paul Siebeck), 1996).

June 1995Economic Implications of Changing Share Ownership
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Published: Journal of Portfolio Management, vol. 2, no. 3, pp. 59-70, Spring 1996.

December 1994Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences
with Kenneth N. Kuttner: w4969

Published: Review of Economics and Statistics, Vol. 80 (February 1998): 34-44. citation courtesy of

December 1993The Role of Judgment and Discretion in the Conduct of Monetary Policy: Consequences of Changing Financial Markets
w4599

Published:

  • in Changing Capital Markets: Implications for Monetary Policy, A Symposium Sponsored by The Federal Reserve Bank of Kansas City, Jackwon Hole, WY August 19-21, 1993. p. 151-196
  • Benjamin M. Friedman, 1994. "The role of judgment and discretion in the conduct of monetary policy: consequences of changing financial markets," Proceedings, Federal Reserve Bank of Kansas City, pages 151-225.

January 1993Why Does the Paper-Bill Spread Predict Real Economic Activity?
with Kenneth Kuttner
in Business Cycles, Indicators and Forecasting, James H. Stock and Mark W. Watson, editors
March 1992Learning From the Reagan Deficits
w4022

Published: The American Economic Review, Vol. 82, No. 2, pp. 299-304, (May 1992).

December 1991How Does It Matter?
w3929

Published: Michael T. Belangia and Michelle R. Garfinkle, The Business Cycle: Theories and Evidence (Kluwer, 1992).

October 1991Another Look at the Evidence on Money-Income Causality
with Kenneth N. Kuttner: w3856

Published: Journal of Econometrics, Volume 57, Issues 1-3, pp. 189-203, (May-June 1993) citation courtesy of

Why Does the Paper-Bill Spread Predict Real Economic Activity?
with Kenneth N. Kuttner: w3879

Published:

January 1991The Risks of Financial Crises
with E. Gerald Corrigan, Irvine H. Sprague, Norman Strunk, Joseph A. Grundfest
in The Risk of Economic Crisis, Martin Feldstein, editor
August 1990Views on the Likelihood of Financial Crisis
w3407

Published: The Risk of Economic Crisis, edited by Martin Feldstein, pp. 19-43. Chicago: The University of Chicago Press, 1991.

May 1990Economic Implications Of Extraordinary Movements In Stock Prices
with David I. Laibson: r1401

Published: Brookings Papers on Economic Activity, No. 2, pp. 137-172 and 186-189,(1989).

March 1990Changing Effects of Monetary Policy on Real Economic Activity
w3278

Published: Monetary Policy Issues in the 1990s, pp. 55-111. Kansas City: The Federal Reserve Bank of Kansas City, 1989.

February 1990Implications of Corporate Indebtedness for Monetary Policy
w3266

Published: "Implications of Increasing Corporate Indebtedness for Monetary Policy." From Group of Thirty Occasional Papers, No. 29, pp. 1-40, (1990).

February 1989Money, Income and Prices After the 1980s
with Kenneth N. Kuttner: w2852

Published: "Money, Income, Prices, and Interest Rates." From The American Economic Review, Vol. 82, No. 3, pp. 472-492, (June 1992).

August 1988Time-Varying Risk Perceptions and the Pricing of Risky Assets
with Kenneth N. Kuttner: w2694

Published: Oxford Economic Papers, Vol. 44, (1992), pp.566-598. citation courtesy of

July 1988Targets and Instruments of Monetary Policy
w2668

Published: Friedman,Benjamin M. and F.H. Hahn (eds.) Handbook of Monetary Economics, Vol. II. Amsterdam: Elsevier Science Publishers B.V., 1990.

April 1988Lessons On Monetary Policy From The 1980's
w2551

Published: Journal of Economic Perspectives, Vol. 2, No. 3, pp. 51-72, (Summer 1988).

Monetary Policy Without Quantity Variables
w2552

Published: The American Economic Review, Vol. 78, No. 2, pp. 440-445, (May 1988).

1988Annuity Prices and Saving Behavior in the United States
with Mark Warshawsky
in Pensions in the U.S. Economy, Zvi Bodie, John B. Shoven, and David A. Wise, eds.
March 1987New Directions in the Relationship Between Public and Private Debt
w2186

Published: Friedman, Benjamin M. "New Directions in the Relation Between Public and Private Debt." Science, Vol. 236, No. 4800, (April 24, 1987), pp. 397-403.

November 1986Increasing Indebtedness and Financial Stability in the United States
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Published: From Debt, Financial Stability, and Public Policy, pp. 27-53, (1986). Kansas City: Federal Reserve Bank of Kansas City.

1986Implications of the U.S. Net Capital Inflow
w1804

Published: Hafer, R. W. (ed.) How Open is the U.S. Economy? Lexington, MA and Toronto: Heath, Lexington Books, 1986.

Financing Corporate Capital Formation: An Introduction and Overview
in Financing Corporate Capital Formation, Benjamin M. Friedman, ed.
Front matter, Financing Corporate Capital Formation
in Financing Corporate Capital Formation, Benjamin M. Friedman, ed.
Implications of Government Deficits for Interest Rates, Equity Returns, and Corporate Financing
in Financing Corporate Capital Formation, Benjamin M. Friedman, ed.
Money, Credit, and Interest Rates in the Business Cycle
in The American Business Cycle: Continuity and Change, Robert J. Gordon, ed.
August 1985The Cost of Annuities: Implications for Saving Behavior and Bequests
with Mark Warshawsky: w1682

Published: The Quarterly Journal of Economics, Vol. CV, Issue 1, pp. 135-154,(February 1990).

Annuity Prices and Saving Behavior in the United States
with Mark Warshawsky: w1683

Published:

April 1985Aspects of Investor Behavior Under Risk
with V. Vance Roley: w1611

Published: Friedman, Benjamin M. and V. Vance Roley. "Aspects of Investor Behavior Under Risk," Arrow and the Ascent of Modern Economic Theory, ed. by George R. Feiwel. London: MacMillan Press, 1987, pp. 626-653.

February 1985Crowding Out or Crowding In? Evidence on Debt-Equity Substitutability
w1565

Published: Published as "Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits", BP, Vol. 9, no. 3 (1977): 593-641.

1985Portfolio Choice and the Debt-to-Income Relationship
w1545

Published: Friedman, Benjamin M. "Portfolio Choice and Debt-to-Incoome Relationship." American Economic Review, Vol. 75, No. 2, (May 1985), pp. 338-343.

Front matter, table of contents, acknowledgments
in Corporate Capital Structures in the United States, Benjamin M. Friedman, ed.
Corporate Capital Structure in the United States: An Introduction and Overview
in Corporate Capital Structures in the United States, Benjamin M. Friedman, ed.
The Substitutability of Debt and Equity Securities
in Corporate Capital Structures in the United States, Benjamin M. Friedman, ed.
List of Contributors and Indexes
in Corporate Capital Structures in the United States, Benjamin M. Friedman, ed.
December 1984Implications of Government Deficits for Interest Rates, Equity Returns and Corporate Financing
w1520

Published: Friedman, Benjamin M. "Implications of Government Deficits for Interest Rates, Equity Returns and Corporate Financing," Financing Corporate Capital Formation, B. Friedman (ed) Chicago: UCP, 1986, pp. 67-89.

November 1984Why Have Short-Term Interest Rates Been So High?
with Richard H. Clarida: r0554

Published: Clarida, Richard H. and Benjamin M. Friedman. "Why Have Short-Term Interest Rates Been So High?" Brookings Papers on Economic Activity, Vol. 14, issue 2, (1983), pp. 553-578.

The Value of Intermediate Targets in Implementing Monetary Policy
w1487

Published: Friedman, Benjamin M. "The Value of Intermediate Targets in Implementing Monetary Policy." Price Stability and Public Policy, pp. 169-191. Kansas City MO: Federal Reserve Bank of Kansas City, 1984.

October 1984Money, Credit and Interest Rates in the Business Cycle
w1482

Published:

  • Friedman, Benjamin M. "Money, Credit and Interest Rates in the Business Cycle." The American Business Cycle: Continuity and Change, edited by Robert J. Gordon. Chicago: UCP, 1986, pp. 395-438 and 456-458.
  • Friedman, Benjamin M. and Kenneth N. Kuttner. "Money, Income, Prices, And Interest Rates," American Economic Review, 1992, v82(3), 472-492.

September 1984Financial Intermediation in the United States
w1451

Published: Friedman, Benjamin M. "Financial Intermediation in the United States." Handbook for Banking Strategy, edited by Richard C. Aspinwall and Robert A. Eisenbeis, pp. 3-32. New York: John Wiley & Sons,1985.

February 1984Lessons from the 1979-1982 Monetary Policy Experiment
w1272

Published: Friedman, Benjamin M. "Lessons from the 1979-1982 Monetary Policy Experiment." American Economic Review, Vol. 74, No. 2, (May 1984), pp. 382-387.

The Behavior of U.S. Short-Term Interest Rates Since October 1979
with Richard H. Clarida: w1273

Published: Clarida, Richard H. and Benjamin M. Friedman. "The Behavior of the U.S. Short-Term Interest Rates Since October 1979." Journal of Finance, Vol. 39, No. 3, (July 1984), pp. 671-682. citation courtesy of

October 1983Managing the U.S. Government Deficit in the 1980s
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Published: Wachter, Michael L. and Susan M. Wachter (eds.) Removing Obstacles to Economic Growth. Philadelphia: University of Pennsylvania Press, 1984.

September 1983Recent Perspectives in and on Macroeconomics
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Published: Friedman, Benjamin M. "Recent Perspectives in and on Macroeconomics." Issues in Contemporary Macroeconomics and Distribution, edited by George R. Feiwel, pp. 270-286. London: Macmillan Publishing,1985.

May 1983The Substitutability of Debt and Equity Securities
w1130

Published:

1983Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence from Individual Company Data
in Financial Aspects of the United States Pension System, Zvi Bodie and John B. Shoven, editors
November 1982Money, Credit and Nonfinancial Economic Activity: An Empirical Study of Five Countries
w1033
September 1982Monetary Policy with a Credit Aggregate Target
w0980

Published: Friedman, Benjamin M. "Monetary Policy with a Credit Aggregate Target." Carnegie-Rochester Conference Series on Public Policy, Vol. 18, (1983), pp. 11 7-148.

August 1982Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence From Individual Company Data
w0957

Published:

July 1982Debt and Economic Activity in the United States
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Published:

Financing Capital Formation in the 1980s: Issues for Public Policy
w0745

Published: in "Toward a New U.S. Industrial Policy," edited by Michael L. Wachter and Susan M. Wachter, pp. 95-126. Philadelphia: Universityof Pennsylvania Press, 1981.

June 1982Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism
w0917

Published: Friedman, Benjamin M. "Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism." Journal of Money, Credit, and Banking, Vol. 14, No. 4, (November 1982, part 2), pp. 721-745.

April 1982Interest Rate Implications for Fiscal and Monetary Policies: A Postscript on the Government Budget Constraint
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Published: Friedman, Benjamin M., "Interest Rate Implications for Fiscal and Monetary Policies: A Postscript on the Government Budget Constraint," Journal of Money, Credit, and Banking, Vol. 14, No. 3, August 1982, pp. 4 07-412.

1982Front matter, table of contents, acknowledgments
in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, Benjamin M. Friedman, ed.
Inroduction, An Overview of the NBER's Research Project on The Changing Roles Debt and Equity in Financing U.S. Capital Formation
in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, Benjamin M. Friedman, ed.
Debt and Economic Activity in the United States
in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, Benjamin M. Friedman, ed.
List of Contributors, Indexes
in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, Benjamin M. Friedman, ed.
December 1981Debt Management Policy, Interest Rates, and Economic Activity
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Published: Jonas Agell, Mats Persson and Benjamin M. Friedman, Does Debt Management Policy Matter? (Oxford, 1992).

The Roles of Money and Credit in Macroeconomic Analysis
w0831

Published: Friedman, Benjamin M. "The Roles of Money and Credit in Macroeconomic Analysis." Macroeconomics, Prices, and Quantities, edited by James Tobin. Washingtion, D.C.: The Brookings Institution, (1983), pp. 161-199.

March 1981The Relative Stability of Money and Credit "Velocities" in the United States: Evidence and Some Speculations
w0645
1981Structural Models of Interest Rate Determination and Portfolio Behavior in the Corporate and Government Bond Markets
with V. Vance Roley: w0205

Published: Friedman, Benjamin M. and Roley, V. Vance. "Models of Long-Term Interest Rate Determination." The Journal of Portfolio Management, Vol. 6, No. 3, (Spring 1980), pp. 35-45.

December 1980Survey Evidence on The Rationality of Interest Rate Expectations
w0261

Published: Friedman, Benjamin M. "Survey Evidence on the Rationality of Interest Rate Expectations." Journal of Monetary Economics, Vol. 6, No. 4, (October 1980) , pp. 453-465.

Effects of Shifting Saving Patterns on Interest Rates and Economic Activity
w0587

Published: Friedman, Benjamin M. "Effects of Shifting Saving Patterns on Interest Rates and Economic Activity." The Journal of Finance, Vol. 37, No. 1, (March 1982), pp. 37-62.

June 1980The Information Value of Observing Monetary Policy Deliberations
r0062

Published: Friedman, Benjamin M. "The Information Value of Observing Monetary Policy Deliberations." Journal of Economic Dynamics and Control 1, pp. 383-393. North-Holland Publishing Company, 1979.

May 1980The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates
w0239

Published: Friedman, Benjamin M. "The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates: The Case of Pensions." Quarterly Journal of Economics, Vol. XCIV, No. 3, (May 1980), pp. 567-588.

April 1980Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive
with V. Vance Roley: w0178

Published: Friedman, Benjamin M. and Roley, V. Vance. "Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations; Unitary, Rational, or Autoregressive." Econometrica, Vol. 47, No . 6, (November 1979), pp. 1475-1497.

February 1980Postwar Changes in the American Financial Markets
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Published:

1980Optimal Expectations and the Extreme Information Assumptions of 'Rational Expectations' Macromodels
r0028

Published: Friedman, Benjamin M. "Optimal Expectations and the Extreme Information Assumptions of Rational Expectations Macromodels." Journal of Monetary Economics, Vol. 5, (1979).

Postwar Changes in the American Financial Markets
with Milton Friedman, A. W. Clausen
in The American Economy in Transition, Martin Feldstein, ed.
August 1979Substitution and Expectation Effects on Long-Term Borrowing Behavior andLong-Term Interest Rates
r0018

Published: Friedman, Benjamin M. "Substitution and Expectation Effects on Long-Term Borrowing Behavior and Long-Term Interest Rates." Journal of Money, Credit, and Banking, Vol. II, No. 2, (May 1979), pp. 131-150.

June 1979The Determination of Long-Term Interest Rates: Implications for Monetary and Fiscal Policies
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Published: Friedman, Benjamin M. "The Determination of Long-Term Interest Rates: Implications for Fiscal and Monetary Policies." Journal of Money, Credit, and Banking, Vol. XII, No. 2, (May 1980), pp. 331-352.

May 1979A Note on the Derivation of Linear Homogeneous Asset Demand Functions
with V. Vance Roley: w0345
October 1978Crowding Out Or Crowding In? The Economic Consequences of Financing Government Deficits
w0284

Published: Friedman, Benjamin M. "Crowding Out or Crowding In? The Economic Consequences of Financing Government Deficits." Brookings Papers on Economic Activity , Vol. 3, (1978), pp. 593-654.

How Important is Disaggregation in Structural Models of Interest Rate Determination?
w0294

Published: Friedman, Benjamin M. "How Important Is Disaggregation in Structural Modelsof Interest Rate Determination?" The Review of Economics and Statistics, Vol. LXII, No. 2, (May 1980), pp. 271-276.

Interest Rate Expectations Versus Forward Rates: Evidence From An Expectations Survey
w0295

Published: Friedman, Benjamin M. "Interest Rate Expectations Versus Forward Rates: Evidence from an Expectations Survey." The Journal of Finance, Vol. XXXIV, No . 4, (September 1979), pp. 965-973.

March 1978Price Inflation, Portfolio Choice, and Nominal Interest Rates
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Published: Friedman, Benjamin M. "Price Inflation, Portfolio Choice, and Nominal Interest Rates." The American Economic Review, Vol. 70, No. 1, (March 1980), pp. 32-48.

1978Who Puts the Inflation Premium Into Nominal Interests Rates?
w0231

Published: Friedman, Benjamin M. "Who Puts the Inflation Premium into Nominal Interest Rates?" The Journal of Finance, Vol. XXXIII, No. 3, (June 1978), pp. 833-8 45.

December 1977Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options
with Zvi Bodie: w0218
October 1977Identifying Identical Distributed Lag Structures by the Use of Prior Sum Constraints
with V. Vance Roles
in Annals of Economic and Social Measurement, Volume 6, number 4, Sanford V. Berg, editor
April 1977Identifying Identical Distributed Lag Structures by the Use of Prior SumConstraints
with V. Vance Roley: w0179

Published:

  • Benjamin M. Friedman & V. Vance Roles, 1977. "Identifying Identical Distributed Lag Structures By The Use Of Prior Sum Constraints," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 6, number 4, pages 100-116 National Bureau of Economic Research, Inc.
  • Friedman, Benjamin M. and Roley, Vance V. "Identifying Identical Distributed Lag Structures by the Use of Prior Sum Constraints." Annals of Economic and Social Measurement, Vol. VI, No. 4, (Fall 1977), pp. 429-444.

April 1976A Note on Uncertainties in Control Applications
in Annals of Economic and Social Measurement, Volume 5, number 2, Sanford V. Berg, editor

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