Friedman's Presidential Address in the Evolution of Macroeconomic Thought
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.
The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
I have been an academic consultant or have given lectures receiving modest financial compensation at many policy institutions over the past 3 years, including the Bank of England, the FRB Minneapolis, the FRB New York, the FRB Richmond, the Norges Bank, and the Swiss National Bank. None of these interfered in any way with my research in this paper.
N. Gregory Mankiw & Ricardo Reis, 2018. "Friedman's Presidential Address in the Evolution of Macroeconomic Thought," Journal of Economic Perspectives, vol 32(1), pages 81-96. citation courtesy of