Ben Friedman is widely recognised as one of the world’s leading macroeconomists. His research and publications have focused on monetary and fiscal policy, and the key role that financial markets play in influencing how macroeconomic policies impact on aggregate economic activity....

AbstractIn 1867, when the American economy was still largely agricultural, Horace Greeley, the editor of the New York Tribune, threw out the following challenge in a lecture that he gave in Lower Manhattan: “There are 500,000 farmers, probably, in the State of New York today, who, if you were...

Data for five major industrialized economies show that the relationship between credit and nonfinancial economic activity exhibits stability comparable to that of the relationship between money and economic activity. Specific orderings among a narrow monetary aggregate, a broad monetary...