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Milton FriedmanContributions to Economics and Public Policy$
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Robert A. Cord and J. Daniel Hammond

Print publication date: 2016

Print ISBN-13: 9780198704324

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198704324.001.0001

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Milton Friedman and the Federal Reserve Chairs in the 1970s

Milton Friedman and the Federal Reserve Chairs in the 1970s

(p.313) Chapter 17 Milton Friedman and the Federal Reserve Chairs in the 1970s
Milton Friedman

Edward Nelson

Oxford University Press

This chapter studies Friedman’s commentaries on and interactions with Arthur Burns and G. William Miller, who were at the helm of the Federal Reserve during the 1970s. Friedman could claim to have made only limited headway in getting his views accepted by these policymakers. Both Chairmen Burns and Miller in the 1970s rejected Friedman’s view that monetary policy actions could by themselves control inflation. On the issue of the appropriate operating procedures for monetary policy, Friedman expressed hope at various times that Burns or Miller would shift from a federal funds rate instrument to a bank reserves-type instrument, and he was disappointed in each case by the resilience of the Federal Reserve’s attachment to a federal-funds-rate-oriented operating procedure.

Keywords:   1970s inflation, Arthur Burns, Federal Reserve, G. William Miller, Friedman, inflation, monetary policy

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