| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24148 |
| 来源ID | Working Paper 24148 |
| Short-Run and Long-Run Effects of Milton Friedman's Presidential Address | |
| Robert E. Hall; Thomas J. Sargent | |
| 发表日期 | 2017-12-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The immediate effect of Friedman's 1968 AEA presidential address on the economics profession was the introduction of an adaptive term in the Phillips curve that shifted the curve, as Friedman proposed, based on expected inflation. Initial formulations suggested that the shift was less than point-for-point, but later thinking, based on the emerging idea of rational expectations, together with the experience of the 1970s, came to agree with Friedman that the shift was by the full amount. The profession also recognized that Friedman's point was deeper---real outcomes are invariant to the monetary policy rule, not just to the trend in inflation. The presidential address made an important contribution to the conduct of monetary policy around the world. It ushered in low and stable inflation rates in all advanced countries, and in many less advanced ones. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w24148 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581822 |
| 推荐引用方式 GB/T 7714 | Robert E. Hall,Thomas J. Sargent. Short-Run and Long-Run Effects of Milton Friedman's Presidential Address. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24148.pdf（153KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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