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Friedman's Presidential Address in the Evolution of Macroeconomic Thought

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  • N. Gregory Mankiw
  • Ricardo Reis
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

  • N. Gregory Mankiw & Ricardo Reis, 2017. "Friedman's Presidential Address in the Evolution of Macroeconomic Thought," NBER Working Papers 24043, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:24043
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    References listed on IDEAS

    as
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    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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