This paper finds a significant influence of Milton Friedman on U.K. economic policy from the 1970s onward, and especially during the period of the Thatcher Government. The finding is based on a consideration of statements by policymakers and key economic advisers, as well as an analysis of...

A series of research papers that appeared from 2000 to 2009 made the case that the U.K. authorities in the 1950s, 1960s, and 1970s eschewed Phillips-curve-based analysis and that, consequently, the U.K. Great Inflation of the 1970s should not be regarded as resulting from policymakers’ pursuit...

This paper updates and extends Friedman's (1972) evidence on the lag between monetary policy actions and the response of inflation. Our evidence is based on UK and US data for the period 1953 2001 on money growth rates, inflation, and interest rates, as well as annual data on money growth and...