This paper evaluates an empirical model of UK money demand developed by Friedman and Schwartz in Monetary Trends …

Milton Friedman proposed that optimal monetary policy should lead to a steady rate of deflation. For some economists, the … Friedman rule is mainly a benchmark for thinking clearly about the assumptions underlying our models and a systematic guide for … most of the work in the field of monetary theory has focused on identifying situations in which Friedman’s insight does not …

three prominent advocates of rules--Henry Simons, A.W. H. Phillips, and Milton Friedman. The paper then examines the …

The names Milton Friedman and John Taylor are associated with different monetary policy rules; but, as shown in this … Taylor and Friedman are compared by linking the rules to the two economists' underlying views about nominal rigidity, the … source of trade-offs, the sources of shocks, and model uncertainty. Taylor and Friedman both emphasized Phillips curve …

This paper addresses whether the Friedman rule can be optimal in an economy in which the Tobin effect is operative. We … "anti-Tobin effect" is operative, and the Friedman rule is optimal (that is, stationary-welfare-maximizing) regardless of … show that an operative anti-Tobin effect is a sufficient condition for the Friedman rule to be optimal. Also, contrary to …

the zero-nominal-interest-rate policy (the Friedman rule) does not maximize type-specific welfare; further, it may not … bank deviates from the Friedman rule. …

strategy. This paper explains the ECB’s monetary policy strategy and shows the considerable influence of Milton Friedman …. Following a conjecture made by Friedman (1956), the authors assign a role to uncertainty in the money demand function. They find …

The authors evaluate the Friedman-Schwartz hypothesis--that a more accommodative monetary policy could have greatly …

standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be …