Milton Friedman y la contrarrevolución keynesiana

Milton Friedman and the Keynesian counter-revolution

Contenido principal del artículo

Luis Armando Blanco
Julián Libreros

Resumen

La revolución contra la teoría cuantitativa la hizo Keynes en la década de los treinta dentro de la economía oficial. La contrarrevolución keynesiana la realizó Milton Friedman en la década de los setenta, también dentro del sistema teórico dominante y se conoció con los nombres de Escuela de Chicago, monetarismo o neoliberalismo, términos que nunca le gustaron al propio Friedman. En el artículo se analizan algunos aspectos fundamentales de este gran cisma intelectual en la economía, en torno a la economía monetarista, la crítica a la curva de Phillips, la política monetaria y su explicación sobre los determinantes de las crisis económicas, especialmente el Gran Crac de 1929, para contrastarlo con la crisis de 2008.

Palabras clave:

Descargas

Los datos de descargas todavía no están disponibles.

Detalles del artículo

Referencias (VER)

AEI (1975). A Discussion with Friedrich von Hayek, Washington, AEI.

Bernanke, B. (2002). On Milton Friedman´s ninetieth birthday. En Remarks at the Conference to Honor Milton Friedman. Chicago: University of Chicago.

Bernanke, B. (2016). El valor de actuar. Memoria de una crisis y sus secuelas. Bogotá: Crítica.

Blanco, A. (1999). Macroeconomía y desarrollo económico. Bogotá: Universidad Externado de Colombia.

Brunner, K. (1968a). Introduction. En The Supply and Control of Money in the United States, by Lauchlin Currie. New York: Russell & Russell.

Brunner, K. (1968b). The role of money and monetary policy, Review (June), Federal Reserve Bank of St. Louis.

Burns, A. y Bartel, R. (1985). An economist’s perspective over 60 years. Challenge, 27(6), 17-25. DOI: https://doi.org/10.1080/05775132.1985.11470971

Currie, L. (1931a). Bank Assets and Banking Theory (Ph.D. dissertation). Harvard University.

Currie, L. (1931b). Review of Federal Reserve Policy, 1921-1930, by Harold L. Reed. American Economic Review, 21(1), 162-64.

Currie, L. (1934a). The failure of monetary policy to prevent the depression of 1929- 32. Journal of Political Economy 42(2), 145-77. DOI: https://doi.org/10.1086/254591

Currie, L. (1934b). The Supply and Control of Money in the United States. New York: Russell & Russell, 1968.

Friedman, M. (1956). The Quantity Theory of Money — A Restatement. En Studies in the Quantity Theory of Money (pp. 3-21). Chicago: University of Chicago Press.

Friedman, M. (1957). Una teoría de la función consumo. Madrid: Alianza.

Friedman, M. (1968). The role of monetary policy. American Economic Review, 58(1), 1-17.

Friedman, M. (1982). Defining monetarism. Newsweek, July 12. Recuperado de: https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/NW_07_12_1982.pdf DOI: https://doi.org/10.1080/746919112

Friedman, M. (1992). La economía monetarista. Barcelona: Gedisa.

Friedman, M. (1994). Milton Friedman. En B. Snowdon, H. Vane y P. Wynarczyk (eds.), A Modern Guide to Macroeconomics. An Introduction to Competing Schools of Thought. Cambridge: Edward Elgar.

Friedman, M. (2004). Reflections on a monetary history. Cato Journal, 23(3), 349-351.

Friedman, M. (2012 [1962]). Capitalismo y libertad. Ensayos de política monetaria. Madrid: Síntesis.

Friedman, M. y Friedman, R. (1984). La tiranía del status quo. Barcelona: Ariel.

Friedman, M. y Friedman, R. (1998 [1980]). Libertad de elegir. Barcelona: Orbis.

Friedman, M. y Schwartz, A. (1963). A Monetary History of the United States, 1867- 1960. Princeton nj: Princeton University Press.

Gordon, R. (1974). Milton Friedman´s Monetary Framework. A Debate with His Critics. Chicago and London: The Chicago University Press.

Gordon, R. (2016). The rise and fall of american growth. Princeton, NJ: Princeton University Press. DOI: https://doi.org/10.1515/9781400873302

Humphrey, T. M. (1971). Role of Non-Chicago Economists in the Evolution of the Quantity Theory in America, 1930-1950. Southern Economic Journal, 38(1), 12-18. DOI: https://doi.org/10.2307/1056064

Ip, G. y Whitehouse, M. (2006). How Milton Friedman Changed Economics, Policy and Markets. Wall Street Journal, November 17. Recuperado de http://www.columbia.edu/~esp2/wsj%20Whitehouse%20Article.pdf

Kaldor, N. (1987). La economía keynesiana cincuenta años después. Investigación Económica, 46(181), 13-66.

Keynes, J. (1997 [1936] ). The General Theory of Employment, Interest and Money. London: Prometheus Books.

Krugman, P. (2007a). Response to Nelson and Schwartz. Journal of Monetary Economics, 55(4), 857-860. DOI: https://doi.org/10.1016/j.jmoneco.2008.05.011

Krugman, P. (2007b). Who was Milton Friedman? The New York Review of Books 54, 27-30.

Krugman, P. (2012). Acabemos ya con la crisis. Barcelona: Crítica.

Laidler, D. (1993). Hawtrey, Harvard, and the Origins of the Chicago Tradition. Journal of Political Economy, 101(6), 1068-1103. DOI: https://doi.org/10.1086/261915

Mankiw, G. y Ries, R. (2018). Friedman’s Presidential Address in the Evolution of Macroeconomic Thought. Journal of Economics Perspectives, 32(1), 81-96. DOI: https://doi.org/10.1257/jep.32.1.81

Mehra, Y. P. (1978). Is money exogenous in money- demand equations. The Journal of Political Economy, 86(2), 211-228. DOI: https://doi.org/10.1086/260663

Modigliani, F. y Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross section data. En K. Kurihara (ed.). Post Keynesian Economics (pp. 388-436). New Brunswick, nj: Rutgers University Press.

Mundell, R. (2003). A reconsideration of the Twentieth Century. En T. Persson (ed.), Nobel lectures, Economics 1996-2000. Singapore: World Scientific Publishing Co.

Nelson, E. (2007). Milton Friedman and U.S. Monetary History: 1961-2006. Federal Reserve Bank of St. Louis Review, 89(3), 153-82. Recuperado de https://doi.org/10.20955/r.89.153-182 DOI: https://doi.org/10.20955/r.89.153-182

Nobelprize.org (2017). Simon Kuznets–Biographical. Nobel Media ab 2014. Recuperado de http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1971/kuznets-bio.html

NobelPrize.org (2018). Milton Friedman–Facts–NobelPrize.org. Recuperado de https://www.nobelprize.org/prizes/economics/1976/friedman/facts/

Patinkin, D. (1973). On the monetary economics of chicagoans and non-chicagoans: Comment. Southern Economic Journal, 39(3), 454-59. DOI: https://doi.org/10.2307/1056419

Rogoff, K. (2017). Reduzcamos el papel moneda. Barcelona: Deusto.

Sandilands, R. (1990). The Life and Political Economy of Lauchlin Currie: New Dealer, Presidential Adviser, and Development Economist. Durham, N.C.: Duke University Press. DOI: https://doi.org/10.1515/9780822379751

Schwartz, A. y Nelson, E. (2007). In response to: Who was Milton Friedman? The New York Review of Books, 54, 48-50.

Schwartz, A. y Nelson, E. (2008a). The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman´s “Who was Milton Friedman”. Journal of Monetary Economics, 55(4), 835-856. DOI: https://doi.org/10.1016/j.jmoneco.2008.01.001

Schwartz, A. y Nelson, E. (2008b). Rejoinder to Paul Krugman. Journal of Monetary Economics, 55(4), 861-862. DOI: https://doi.org/10.1016/j.jmoneco.2008.05.004

Sims, C. (1972). Money, Income and Causality. American Economic Review, 62(2), 540-552.

Sims, C. (1980). Macroeconomics and reality. Econometrica, (48), 1-48. DOI: https://doi.org/10.2307/1912017

Sims, C. (1989). Models and Theirs Uses. American Journal of Agricultural Economics, 71, 489-494. DOI: https://doi.org/10.2307/1241619

Sims, C. (2011). Statistical Modeling of Monetary Policy and Its Effects. Nobel Prize. Princenton, nj: Princenton University Press. Recuperado de http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2011/sims-lecture.html

Soros, G. (2008). El nuevo paradigma de los mercados financieros. Para entender la crisis económica actual. Madrid: Taurus.

Steindl, F. (1991). The monetary economics of Lauchlin Currie. Journal of Monetary Economics, 27(3), 445-61. DOI: https://doi.org/10.1016/0304-3932(91)90017-I

Summers, L. (19 de noviembre de 2006). The Great Liberator. The New York Times. Recuperado de https://www.nytimes.com/2006/11/19/opinion/19summers.html

Summers, L. (2015). Demand side secular stagnation. American Economic Review, 105(5), 60-65. DOI: https://doi.org/10.1257/aer.p20151103

Tobin, J. (1981). The monetarist counter-revolution today—an appraisal. The Economic Journal, 91(361), 29-42. DOI: https://doi.org/10.2307/2231692

White, L. (2012). The Clash of Economic Ideas. New York: Cambridge University Press

Citado por

Artículos más leídos del mismo autor/a