We provide a brief rejoinder to Krugman [2008, Response to Nelson and Schwartz. Journal of Monetary Economics 55, this issue] on three issues that are central to his original New York Review of Books article and his reply to our setting the record straight: (i) criticisms of Friedman; (ii)...

Paul Krugman's essay "Who Was Milton Friedman?" seriously mischaracterizes Friedman's economics and his legacy. In this paper, we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern...

The relatively infrequent nature of major credit distress events makes an historical approach particularly useful. Using a combination of historical narrative and econometric techniques, we identify major periods of credit distress from 1875 to 2007, examine the extent to which credit distress...