Ed Nelson on Milton Friedman’s Legacy, the Quantity Theory of Money, and His Vision for a Money Supply Growth Rule

Ed Nelson is a Senior Advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor and has worked at the St. Louis Federal Reserve Bank, as well as the Bank of England. Returning to the podcast, Ed re-joins Macro Musings to talk about his new book, *Milton Friedman and the Economic Debate in the United States: 1932-1972*. Ed and David specifically discuss the life and work of Milton Friedman, as they explore his journey into monetarism, his contributions to the quantity theory of money, how he envisioned a money supply growth rule, and more.

 

Transcript for the episode can be found here.

 

Ed’s website: https://sites.google.com/site/edwardnelsonresearch/

Ed’s Fed profile: https://www.federalreserve.gov/econres/edward-nelson.htm

 

Related Links:

 

*Milton Friedman and the Economic Debate in the United States, 1932-1972: Volume 1* by Edward Nelson

https://press.uchicago.edu/ucp/books/book/chicago/M/bo47674126.html

 

*Milton Friedman and the Economic Debate in the United States, 1932-1972: Volume 2* by Edward Nelson

https://press.uchicago.edu/ucp/books/book/chicago/M/bo47674466.html

 

*A Monetary and Fiscal Framework for Economic Stability* by Milton Friedman

https://www.jstor.org/stable/1810624?seq=1

 

*Some Unpleasant Monetarist Arithmetic* by Neil Wallace and Thomas Sargent

https://www.minneapolisfed.org/research/quarterly-review/some-unpleasant-monetarist-arithmetic

 

*Money Mischief: Episodes in Monetary History* by Milton Friedman

https://www.journals.uchicago.edu/doi/10.1086/261872

 

David’s blog: macromarketmusings.blogspot.com

David’s Twitter: @DavidBeckworth