The Optimum Quantity Of Money (Google eBook)

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Transaction Publishers, Jan 1, 2005 - Business & Economics - 296 pages
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This classic set of essays by Nobel Laureate and leading monetary theorist Milton Friedman presents a coherent view of the role of money, focusing on specific topics related to the empirical analysis of monetary phenomena and policy. The early chapters cover factors determining the real quantity of money held in a community and the welfare implications of policies that affect the quantity held. The following chapters formally restate why quantity analysis has become central to the science of economics.

Friedman's presidential address to the American Economic Association, included here, provides a general summary of his views on the role of monetary policy, with an emphasis on its limitations and its possibilities. This theoretical framework is used in examining a number of empirical problems: the demand for money, the explanation of price changes in wartime periods, and the role of money in business cycles. These essays summarize some of the most important results of Friedman's extensive research over the course of his lifetime. The chapters on policy that follow survey the positions of earlier economists and deal with the importance of lags and the implications of destabilizing speculation in foreign markets.

Taken as a whole, The Optimum Quantity of Money provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis. This work is essential reading for economists and graduate students in the field. The volume will be no less important for practicing business and banking personnel as well. The new statement by Michael Bordo, a student of Friedman's and an expert in the field, provides a sense of where the field now stands in the economy and academy.

Milton Friedman is a senior fellow at the Hoover Institution of Stanford University. Before that, he was Distinguished Service Professor of Economics at the University of Chicago. He has also taught at Columbia University, the University of Wisconsin, the University of Minnesota, and Cambridge University. Among his many books are Essays in Positive Economics, A Program for Monetary Stability, Capitalism and Freedom, and A Monetary History of the United States. Michael D. Bordo is professor of economics at Rutgers, The State University of New Jersey, and author, with Lars Jonung, of, among other works, Demand for Money.

  

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Contents

The Optimum Quantity of Money
2
The Quantity Theory of Money A Restatement
52
PostWar Trends in Monetary Theory and Policy
70
The Monetary Theory and Policy of Henry Simons
82
The Role of Monetary Policy
96
The Demand for Money Some Theoretical and Empirical Results
112
Interest Rates and the Demand for Money
142
Price Income and Monetary Changes in Three Wartime Periods
158
The Supply of Money and Changes in Prices and Output
172
Money and Business Cycles
190
The Lag in Effect of Monetary Policy
238
The Monetary Studies of the National Bureau
262
In Defense of Destabilizing Speculation
286
Index
293
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