Friedman and Schwartz's A Monetary History of the United States
Citations (2)
- Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976 - Press Release whole source
Official Nobel source for Friedman monetary history and stabilization-policy work.
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Consequences
what this set in motion, following the causal links
- preceded Stagflation breaks the old Keynesian consensus 1973 Monetarism had a ready alternative diagnosis when stagflation undermined old Keynesianism.
- preceded Friedman awarded the Nobel Memorial Prize in Economic Sciences 1976 The 1970s crisis increased the standing of monetarist critiques.
- triggered The Volcker shock 1979 High inflation created the conditions for Volcker severe anti-inflation policy.
- enabled New Keynesian economics answers the market-clearing critique 1991 The crisis forced Keynesian economics to rebuild itself with stronger microfoundations.
People
- Milton Friedman author
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Linked events (1)
- this preceded Stagflation breaks the old Keynesian consensus