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Why the fuss? Friedman (1968) after 50 years*

David Laidler

Keywords: monetary policy; inflation; unemployment; natural unemployment rate; expectations

Friedman's presidential address was about ‘The role of monetary policy’. Its famous discussion of inflation–unemployment interrelationships was subservient to this broader topic. The program it promoted influenced monetary policy in the 1970s and early 1980s with mixed results, but enough of it survived to be a clearly visible influence on today's inflation-targeting regimes.

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