Milton Friedman and the financial crisis of 2008

We find Milton Friedman, in part, guilty of leading to the monetary meltdown of fall 2008, at least, that is, his ideas, concerning gold, the Fed, monetary policy, flexible exchanges rates and other elements of international financial arrangements. However, contrary to the views of some Austrian eco...

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Bibliographic Details
Published in:American review of political economy 2012-06, Vol.10 (1/2), p.2
Main Authors: Block, Walter E, Barnett, William
Format: Article
Language:English
Subjects:
Business cycles
Currency
Deflation
Economic crisis
Economic theory
Economists
Fixed exchange rates
Floating exchange rates
Foreign exchange rates
Friedman, Milton
Gold
Gold standard
Inflation
Interest rates
International finance
Monetary policy
Studies
Wage & price controls
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Summary:We find Milton Friedman, in part, guilty of leading to the monetary meltdown of fall 2008, at least, that is, his ideas, concerning gold, the Fed, monetary policy, flexible exchanges rates and other elements of international financial arrangements. However, contrary to the views of some Austrian economists, we take the position that had his 3% rule for the annual expansion of the money stock been followed by the Fed, the Austrian Business Cycle of late 2008 would not have occurred. [PUBLICATION ABSTRACT]
ISSN:1551-1383
1551-1383