A Half-Century of Changes in Monetary Policy

Abstract

Monetary policy changes during this period have been truly dramatic, not only in the United States, but also throughout the world. As every monetary economist knows, Milton Friedman’s monetary research and policy advice—on monetary policy rules, on flexible exchange rates, on money growth, on the natural rate of unemployment, on the flaws in the Phillips curve, and on the real interest rate—had an enormous influence on these changes.

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