TY  - BOOK
AU  - Hammond,J.Daniel
TI  - Theory and measurement: causality issues in Milton Friedman's monetary economics 
T2  - Historical perspectives on modern economics
SN  - 0521552052
AV  - HB119.F84 H36 1996
U1  - 330.157 20
PY  - 1996///
CY  - Cambridge, New York
PB  - Cambridge University Press
KW  - Friedman, Milton,
KW  - Money
KW  - Business cycles
KW  - Neoclassical school of economics
N1  - Includes bibliographical references (pages 219-234) and index; Introduction --; 1; Theory and measurement at the National Bureau --; 2; Origins of Friedman's Marshallian methodology --; 3; Origins of the monetary project --; 4; Critiques from within the National Bureau --; 5; Post Hoc Ergo Propter Hoc, part I --; 6; Reactions to the Monetary History --; 7; Post Hoc Ergo Propter Hoc, part II --; 8; Friedman and his critics on the theoretical framework --; 9; The Great Depression --; 10; Measurement without measurement: Hendry and Ericsson's critique --; Conclusion
N2  - Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business-cycle methods and Friedman's Marshallian methodology. With the postwar dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be "measurement without theory." Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists
ER  -