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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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The Optimum Quantity of Money (Paperback, Rev Ed)
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The Optimum Quantity of Money (Paperback, Rev Ed)
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This classic set of essays by Nobel Laureate and leading monetary
theorist Milton Friedman presents a coherent view of the role of
money, focusing on specific topics related to the empirical
analysis of monetary phenomena and policy. The early chapters cover
factors determining the real quantity of money held in a community
and the welfare implications of policies that affect the quantity
held. The following chapters formally restate why quantity analysis
has become central to the science of economics. Friedman's
presidential address to the American Economic Association, included
here, provides a general summary of his views on the role of
monetary policy, with an emphasis on its limitations and its
possibilities. This theoretical framework is used in examining a
number of empirical problems: the demand for money, the explanation
of price changes in wartime periods, and the role of money in
business cycles. These essays summarize some of the most important
results of Friedman's extensive research over the course of his
lifetime. The chapters on policy that follow survey the positions
of earlier economists and deal with the importance of lags and the
implications of destabilizing speculation in foreign markets. Taken
as a whole, "The Optimum Quantity of Money" provides a
comprehensive view of the body of monetary theory developed in
leading centers of monetary analysis. This work is essential
reading for economists and graduate students in the field. The
volume will be no less important for practicing business and
banking personnel as well. The new statement by Michael Bordo, a
student of Friedman's and an expert in the field, provides a sense
of where the field now stands in the economy and academy. Milton
Friedman is a senior fellow at the Hoover Institution of Stanford
University. Before that, he was Distinguished Service Professor of
Economics at the University of Chicago. He has also taught at
Columbia University, the University of Wisconsin, the University of
Minnesota, and Cambridge University. Among his many books are
"Essays in Positive Economics," "A Program for Monetary Stability,"
"Capitalism and Freedom," and "A Monetary History of the United
States." Michael D. Bordo is professor of economics at Rutgers, The
State University of New Jersey, and author, with Lars Jonung, of,
among other works, "Demand for Money."
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