TY  - JOUR
AU  - Nelson,Edward
AU  - Schwartz,Anna J.
TI  - The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who Was Milton Friedman?"
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 13546
PY  - 2007
Y2  - October 2007
UR  - http://www.nber.org/papers/w13546
L1  - http://www.nber.org/papers/w13546.pdf
N1  - Author contact info:
Edward Nelson
Federal Reserve Board
Mail Stop 76, Monetary Affairs
20th and C Streets, N.W.
Washington, DC 20551
E-Mail: edward.nelson@frb.gov

Anna J. Schwartz
E-Mail: N/A user is deceased
AB  - Paul Krugman's essay "Who Was Milton Friedman?" seriously mischaracterizes Friedman's economics and his legacy.  In this paper we provide a rejoinder to Krugman on these issues.  In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern monetary economics and on today's central banks.  We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.
ER  -