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Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this 1996 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 post-war 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 Drawing extensively upon unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of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.

Money. Monetary policy --- Friedman, Milton --- Argent (monnaie) --- Business cycles --- Conjoncture économique --- Conjunctuur --- Cycles économiques --- Ecole néo-classique (Economie) --- Economic cycles --- Economic fluctuations --- Geld --- Money --- Neoclassical school of economics --- Neoklassieke school (Economie) --- Friedman, Milton, --- AA / International- internationaal --- 330.00 --- 330.08 --- 330.3 --- 330.157 --- Cambridge school of economics --- Marshallian economics --- Classical school of economics --- Schools of economics --- Cycles --- Financial crises --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Economische en sociale theorieën: algemeenheden. --- Economisten. --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Fridman, M., --- Fridmen, Milton, --- Fu-li-te-man, --- Pʻŭridŭman, Miltʻŭn, --- Folimin, Mi'erdun, --- Economische en sociale theorieën: algemeenheden --- Economisten --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Business cycles. --- Friedman, Milton, - 1912 --- -Friedman, Milton --- -Money. Monetary policy --- -Business cycles. --- Business, Economy and Management --- Economics --- Friedman, Milton, - 1912-2006 --- Money. --- Neoclassical school of economics. --- -Money.