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Edward Nelson on Milton Friedman

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[unable to retrieve full-text content]While I’m only 275 pages into Ed Nelson’s big 2 volume set entitled “Milton Friedman & Economic Debate in the United States”, I can already say that it’s one of my favorite books on macroeconomics. One issue that has frequently puzzled me is how to interpret causality in the Phillips Curve relationship. I have always […]

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While I’m only 275 pages into Ed Nelson’s big 2 volume set entitled “Milton Friedman & Economic Debate in the United States”, I can already say that it’s one of my favorite books on macroeconomics. One issue that has frequently puzzled me is how to interpret causality in the Phillips Curve relationship. I have always […]
Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

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