Fr. 230.40

Theory and Measurement - Causality Issues in Milton Friedman's Monetary Economics

English · Hardback

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Description

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Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business-cycle methods and Friedman's Marshallian methodology. With the postwar dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be "measurement without theory". Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.

List of contents










Introduction; 1. Theory and measurement at the National Bureau; 2. Origins of Friedman's Marshallian methodology; 3. Origins of the monetary project; 4. Critiques from within the National Bureau; 5. Post Hoc Ergo Propter Hoc, part I; 6. Reactions to the Monetary History; 7. Post Hoc Ergo Propter Hoc, part II; 8. Friedman and his critics on the theoretical framework; 9. The Great Depression; 10. Measurement without measurement: Hendry and Ericsson's critique; Conclusion; Bibliography.

Summary

This 1996 work examines the history of debates between Friedman and his critics over money's causal role in business cycles from 1948 to 1991.

Product details

Authors J. Daniel Hammond
Publisher Cambridge University Press
 
Languages English
Product format Hardback
Released 07.02.2012
 
EAN 9780521552059
ISBN 978-0-521-55205-9
No. of pages 250
Dimensions 157 mm x 235 mm x 19 mm
Weight 562 g
Series Historical Perspectives on Mod
Subject Social sciences, law, business > Business > Economics

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