Friedman's Presidential Address in the Evolution of Macroeconomic Thought

32 Pages Posted: 20 Nov 2017

See all articles by N. Gregory Mankiw

N. Gregory Mankiw

Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Ricardo Reis

London School of Economics & Political Science (LSE); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

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Date Written: November 2017

Abstract

This essay discusses the role of Milton Friedman's presidential address to the American Economic Association, which was given a half century ago and helped set the stage for modern macroeconomics. We discuss where macroeconomics was before the address, what insights Friedman offered, where researchers and central bankers stand today on these issues, and (most speculatively) where we may be heading in the future.

Suggested Citation

Mankiw, N. Gregory and Reis, Ricardo A.M.R., Friedman's Presidential Address in the Evolution of Macroeconomic Thought (November 2017). CEPR Discussion Paper No. DP12442. Available at SSRN: https://ssrn.com/abstract=3074440

N. Gregory Mankiw (Contact Author)

Harvard University - Department of Economics ( email )

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Ricardo A.M.R. Reis

London School of Economics & Political Science (LSE) ( email )

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National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR)

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