The Nobel Laureate Milton Friedman has been acknowledged as the father of Monetarism and the champion of free market capitalism. Even his critics salute him as a "giant" and "one of the most brilliant economists of all time". Friedman based Monetaritst theories on the classical tradition. He...

The growing consensus that the design of scientific monetary policy requires targets or rules rather than discretion is explained in the paper, using a macro-theoretic framework. A quadratic loss function constrained by a an expectations augmented Phillips curve has been used to demonstrate that...

This paper analyzes the performance of the Hard Currency Strategy (HCS) which was the centerpiece of Papua New Guinea's (PNG's) post-independence macroeconomic stabilization policies. The main aims of the HCS were the maintenance of the convertibility and the purchasing power of the domestic...