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A program for monetary stability
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The only really sure way to beat inflation is to cut off inflation at the root as mentioned in this paper, and this is controversial stuff, and Professor Friedman doesn't blanch at what he feels is his call of duty.Abstract:
"[T]he only really sure way to beat inflation is to cut off inflation at the root. . . Milton Friedman [presents his strategy against] inflation in his penetrating . . . book . . . This is controversial stuff, and Professor Friedman . . . doesn't blanch at what he feels is his call of duty. And many a banker will just see red . . . [This book] can be recommended for a good look at the real roots of inflation-the look that thus far has not been widespread enough, among enough people."-The Wall Street Journalread more
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Book ChapterDOI
The role of monetary policy
TL;DR: There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth as discussed by the authors.There is less agreement that these goals are mutually compatible or, among those who regard them as incompatible, about the terms at which they can and should be substituted for one another.
Journal ArticleDOI
Expectations and the neutrality of money
TL;DR: In this article, the authors provide a simple example of an economy in which equilibrium prices and quantities exhibit what may be the central feature of the modern business cycle: a systematic relation between the rate of change in nominal prices and the level of real output.
Journal ArticleDOI
Equilibria under ‘active’ and ‘passive’ monetary and fiscal policies
TL;DR: In this paper, monetary and fiscal policy interactions are studied in a stochastic maximizing model, where policy is either passive or active depending on its responsiveness to government debt shocks, and the existence and uniqueness of equilibria depend on two policy parameters.
Book ChapterDOI
Some Unpleasant Monetarist Arithmetic
Thomas J. Sargent,Neil Wallace +1 more
TL;DR: The authors argued that even in an economy that satisfies monetarist assumptions, if monetary policy is interpreted as open market operations, then Friedman's list of the things that monetary policy cannot permanently control may have to be expanded to include inflation.
Journal ArticleDOI
A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information
Alex Cukierman,Allan H Meltzer +1 more
TL;DR: In this paper, a positive theory of credibility, ambiguity, and inflation under discretion and asymmetric information is developed. But the authors do not consider the impact of monetary control on the public's ability to distinguish persistent changes of emphasis on different policy objectives from transitory monetary control errors.