Ewolucja poglądów Miltona Friedmana a polityka pieniężna Fed i EBC w okresie kryzysu finansowego
The Evolution of Milton Friedman’s Views and Monetary Policies Performed by Fed and ECB During the Financial Crisis

Summary/Abstract: The aim of the paper is to show changes in Milton Friedman’s views on the role of money and monetary policy towards the end of his life, and an attempt at the evaluation of the actions taken by the Federal Reserve System and European Central Bank as a response to the global financial crisis in the context of the monetarist’s recommendations. Undoubtedly it is difficult to assess the highly unconventional measures applied by these institutions on an unprecedented scale from the perspective of Friedman’s views, but such an attempt may be helpful in defining the role of monetary aggregates in a modern monetary policy. The discussion included in the paper suggests that the measures taken by FRS and ECB after 2007, in order to counteract the crisis, were not consistent with Friedman’s views, and most probably, they would not be favourably received by the monetarist.

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