Friedman's Presidential Address in the Evolution of Macroeconomic Thought | Zendy

N. Gregory Mankiw | Zendy; Ricardo Reis | Zendy

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Friedman's Presidential Address in the Evolution of Macroeconomic Thought

Author(s) -

N. Gregory Mankiw,

Ricardo Reis

Publication year - 2018

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.32.1.81

Subject(s) - hindsight bias , exaggeration , presidential system , presidential address , positive economics , reading (process) , strategist , economics , law and economics , political science , law , psychology , management , politics , public administration , cognitive psychology , psychiatry

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.

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