Scott Sumner on What Milton Friedman Would Think of Monetary Policy Today

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott joins David on Macro Musings to discuss Milton Friedman's views and what he might say about some of the recent developments in monetary policy. Specifically, Scott and David talk about nominal interest rates as indicators of the stance of monetary policy, fiscal austerity as means of reducing excessive aggregate demand, Friedman’s critique of the Phillips curve and wage and price controls, what Friedman might have said about the recent inflation numbers, and much more.


 


Transcript for the episode can be found here. (https://www.mercatus.org/macro-musing...)


 


Scott’s automated Twitter: @MoneyIllusion


Scott’s blog: https://www.themoneyillusion.com/


Scott’s Mercatus profile: https://www.mercatus.org/scholars/sco...


 


Related Links:


 


Friedman's Smashing Success by Scott Sumner


https://www.econlib.org/friedmans-sma...


 


Inflation is a Nominal Phenomenon by Scott Sumner


https://www.econlib.org/inflation-is-...


 


The Role of Monetary Policy (1968) by Milton Friedman


https://link.springer.com/chapter/10....


 


What Would Milton Friedman Have Thought of Market Monetarism? by Scott Sumner


https://oxford.universitypressscholar...


 


David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth (  / davidbeckworth  )