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Only Paul Could Go To Changchun

Friedman’s Presidential Address in the Evolution of Macroeconomic Thought

11/19/2017

 
Experiments get a mention towards the end of this piece.

Here.

Our goal here is to assess this contribution, with the benefit of a half century of hindsight. We discuss where macroeconomics was before the address, what insights Friedman offered, where researchers and central bankers stand today on these issues, and (most speculatively) where we may be heading in the future. We focus on the presidential address alone, putting aside Friedman’s many other contributions.


From:

N. Gregory Mankiw
Harvard University

Ricardo Reis
London School of Economics







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