Brunner versus Friedman : Diverging Aspirations for the Monetarist Project
(2020) Karl Brunner and Monetarism — p. 1-16, accepted/in-press
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- The aim of this paper, written for a conference in homage to Karl Brunner organized by the Swiss National Bank, is to compare Brunner’s vision of monetarism with that of Milton Friedman, the most prominent figure of the monetarist school. Over a time span of half a century, Brunner and Meltzer wrote a huge number of articles, books and monographs. They founded the Journal of Monetary Economics and the Journal of Money, Credit & Banking. They organized the Carnegie-Rochester annual conferences. A venue of civilized confrontation between Keynesian and monetarist economists, these conferences provided young innovative economists, such as Robert Lucas, Thomas Sargent, Finn Kydland and Edward Prescott, the launching pad for ideas that were to transform macroeconomics. Brunner and Meltzer also were at the origin of the so-called Shadow Open-Market Policy committee . Last but not least, they pursued a theoretical ambition predicated on a vision of monetarism different from Friedman’s. Our paper aims at substantiating this last aspect.
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Clerc, P., & De Vroey, M. (2020). Brunner versus Friedman : Diverging Aspirations for the Monetarist Project. In Moser, T.; SAvioz, M. (ed.), Karl Brunner and Monetarism (p. p. 1-16). MIT Press. https://hdl.handle.net/2078.5/118396