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Constant money growth rule friedman,who died in 2006, proposed a fixed monetary rule,which states that the fed should be required to target the growth rate of money to equal the growth rate of real GDP,unchanged the price level.
Friedman was one of the great intellectuals of the 20th century because of his great influence on how a broad public understood the Depression,the fed's on-again-off-again monetary policy of the 1970s,flexible exchange rates,and the power of market forces. to promote individual well-being abstract.The authors test the friedman-schwartz hypothesis that more accommodative monetary policy could have greatly reduced the severity of the Great Depression.To do this,they first estimate a dynamic general equilibrium model using data from the 1920s and 1930s.Milton Friedman famously said Inflation is always and everywhere a monetary in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in production.Of course,we all know that the driver of the amount of money is government spending priorities,and recently.
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