Money Melee: What Milton Friedman said-and why he's right.

National Review | September 1, 2003| | Copyright

Forty-four years ago, at the end of the brief book A Program for Monetary Stability, the legendary Chicago economist Milton Friedman offered a rather tentative proposal. He said it might be best if the Federal Reserve gave up trying to fine-tune both the real economy and inflation, and instead simply increased the quantity of money at a fixed rate. That was long before we had unregulated interest rates and money-market funds, so Friedman recommended measuring money relatively simply-as "currency plus all commercial bank deposits." He opined, humbly and tentatively, that "a rate ...

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