The Counter-Revolution in Monetary Theory

  • Milton Friedman


It was a great pleasure to be honoured with being the first of the Harold Wincott lecturers, partly because economics owes so much to the work that has been done on this island. Coming back to Britain, as I am fortunate enough to be able to do from time to time, always means coming back to a warm circle of friends or friendly enemies.


Interest Rate Monetary Policy Fiscal Policy Federal Reserve Real Interest Rate 
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  1. 3.
    Milton Friedman, ‘The Role of Monetary Policy’, Presidential Address to the American Economic Association, 29 December, 1967: American Economic Review, March 1968 (reprinted in The Optimum Quantity of Money and Other Essays, Aldine Publishing, New York, 1969, pp. 95–110 — quotation from p.99) Google Scholar

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© The Wincott Foundation 1996

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  • Milton Friedman

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