NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Friedman's Presidential Address in the Evolution of Macroeconomic Thought

N. Gregory Mankiw, Ricardo Reis

NBER Working Paper No. 24043
Issued in November 2017
NBER Program(s):Economic Fluctuations and Growth, Monetary Economics

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.

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Document Object Identifier (DOI): 10.3386/w24043

 
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