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Milton Friedman (/ ˈ f r iː d m ən / ⓘ ... Inflation is always and everywhere a monetary phenomenon. ... As to how rapidly inflation should be ended, Friedman ...
In 1979, United States President Jimmy Carter appointed as Federal Reserve Chief Paul Volcker, who made fighting inflation his primary objective, and who restricted the money supply (in accordance with the Friedman rule) to tame inflation in the economy. The result was a major rise in interest rates, not only in the United States; but worldwide.
As economist Milton Friedman once observed, “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity ...
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
Another school of thought, famously given definition by a quote from another Nobel laureate, Milton Friedman: “Inflation is always and everywhere a monetary phenomenon.”
Bringing the inflation rate down was her number one priority—and monetarism as advocated by Milton Friedman in Chicago seemed to her to be the obvious and common-sense answer.
Milton Friedman made a restatement of the theory in 1956 and made it into a cornerstone of monetarist thinking. The theory is often stated in terms of the equation M V = P Y , where M is the money supply, V is the velocity of money , and P Y is the nominal value of output or nominal GDP ( P itself being a price index and Y the amount of real ...
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