In an article in the Economist, economist John Cochrane of Stanford Universitys Hoover Institution refers to the
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In an article in the Economist, economist John Cochrane of Stanford University’s Hoover Institution refers to the ideas of Milton Friedman, who died in 2006: “Even Milton Friedman might change his mind with new facts and experience at hand.”
a. Briefly describe how Milton Friedman advised the Fed to conduct monetary policy.
b. What “facts and experiences” might help explain why the Fed has not taken Friedman’s advice?
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a Milton Friedman a renowned economist advocated for a monetarist approach to conducting monetary policy He believed that the primary responsibility o...View the full answer
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