« Back to Results

The 50th Anniversary of Milton Friedman's Presidential Address

Paper Session

Friday, Jan. 5, 2018 2:30 PM - 4:30 PM

Marriott Philadelphia Downtown, Liberty Ballroom Salon A
Hosted By: American Economic Association
  • Chair: Mark Gertler, New York University

The Short and Long Run Effects of Milton Friedman's Presidential Address

Robert Hall
Stanford University
Thomas Sargent
New York University



Friedman's Presidential Address in the Evolution of Macroeconomic Theory

N. Gregory Mankiw
Harvard University
Ricardo Reis
London School of Economics


This essay discusses the role of Milton Friedman’s presidential address to the American Economic Association, which was given a half century ago and helped set the stage for modern macroeconomics. We discuss where macroeconomics was before the address, what insights Friedman offered, where researchers and central bankers stand today on these issues, and (most speculatively) where we may be heading in the future.
Stanley Fischer
Federal Reserve Board
Emi Nakamura
Columbia University
Lawrence H. Summers
Harvard University
JEL Classifications
  • E0 - General