What Was the Message of Friedman's Presidential Address to the American Economic Association?

31 Pages Posted: 14 Dec 2016 Last revised: 22 Dec 2016

James Forder

University of Oxford - Balliol College

Date Written: December 12, 2016

Abstract

It is widely accepted that the importance of Friedman’s Presidential Address to the American Economic Association lies in its criticism of policy based on the Phillips curve. However, it is argued that a reading of the text does not support such a view, and this and other considerations suggest that any such aim was far from Friedman’s mind in 1968. His objective was the quite different one of making a case for policy ‘rules’ rather than discretion.

Keywords: Milton Friedman; rules and discretion; expectations; Phillips curve

JEL Classification: B22, B31, E58

Suggested Citation

Forder, James, What Was the Message of Friedman's Presidential Address to the American Economic Association? (December 12, 2016). Available at SSRN: https://ssrn.com/abstract=2884116 or http://dx.doi.org/10.2139/ssrn.2884116

James Forder (Contact Author)

University of Oxford - Balliol College ( email )

Broad St
Oxford, OX1 3BJ
United Kingdom

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