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Surely, it was maintained, some monetary policy rule, however imperfect, would have delivered far superior performance. Download our app to study better.

One monetarist policy conclusion is the rejection of fiscal policy in favour of a “monetary rule.” In A Monetary History of the United States 1867–1960 (1963), Friedman, in collaboration with Anna J. Schwartz , presented a thorough analysis of the U.S. money supply from the end of the Civil War to 1960. Hall has a Doctor of Philosophy in political economy and is a former college instructor of economics and political science.

©2018 StudyBlue Inc. All rights reserved. To signup with Google, please enable popups Monetary policy refers to the actions taken by a country's central bank to achieve its macroeconomic policy objectives.





Active monetary policy grants policy makers the flexibility and discretion to act when inflation exceeds expected levels or if the course of economic activity expands or contracts at greater levels than anticipated.

Most of the pressure for a monetary growth rule has disappeared because since 1980 You've reached the end of your free preview. Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. An active monetary policy can be contrasted with a passive monetary policy. Check these out:Find study materials for any course. In examining the effects of monetary policy on economic activity and growth, it is useful, both for conceptual and for policy reasons, to distinguish between long-term and short-term effects or, alternatively, between permanent and transitory effects.

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