A Monetary and Fiscal Framework for Economic Stability: A Friedmanian Approach to Restoring Growth

@article{Wray2002AMA,
  title={A Monetary and Fiscal Framework for Economic Stability: A Friedmanian Approach to Restoring Growth},
  author={L. Randall Wray},
  journal={Macroeconomics: Prices},
  year={2002}
}
In Milton Friedman's 1948 article, A Monetary and Fiscal Framework for Economic Stability, he put forward what he thought was a new proposal calling for the government to run a balanced budget only at full employment, with deficits in recession and surpluses in economic booms. What was unusual about Friedman's proposal was his call to finance budget deficits through money creation; surpluses would destroy money. He thus proposed to combine monetary policy and fiscal policy, using the budget to… 
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