Harris Dellas, George Tavlas, 05 September 2019

Milton Friedman shaped key ideas in monetary theory and policy. This column argues that Lloyd Mints – a colleague of Friedman at Chicago during the formative years of Friedman’s monetarist views – made important, original contributions in these areas. Mints interacted extensively with Friedman, and his contributions appear to have influenced the development of Friedman’s monetary framework. 

Neil Ericsson, David Hendry, Stedman Hood, 04 May 2017

When empirically modelling the US demand for money, Milton Friedman more than doubled the observed initial stock of money to account for a “changing degree of financial sophistication” in the US relative to the UK. This column discusses effects of this adjustment on Friedman’s empirical models. His data adjustment dramatically reduced apparent movements in the velocity of circulation of money, and it adversely affected the constancy and fit of his estimated money demand models. 

CEPR Policy Research