Milton Friedman and monetarism in theory and in practice
- Antonio Argandoña Ramiz IESE Universidad de Navarra
Abstract
The monetarist thought was formed from the years 1950, by the hand of Milton Friedman, Karl Brunner, Allan Meltzer and other well-known economists; it reached its greatest splendor in the 1970s, when faced with Keynesianism as an explanation of economic fluctuations and inflation, exerting a notable influence in the design and application of monetary policy. The economic developments of the 1980s made him lose relevance, but monetarism is still in force today, through numerous ideas that are reflected in the macroeconomic models as well as in the work of central banks, and that the recent financial crisis and Great Recession have only increased.
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References
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