The Lag in Effect of Monetary Policy

  title={The Lag in Effect of Monetary Policy},
  author={Milton Friedman},
  journal={Journal of Political Economy},
  pages={447 - 466}
  • M. Friedman
  • Published 1961
  • Economics
  • Journal of Political Economy
FOR some years now, I have been engaged in extensive empirical studies of the relation between the stock of money and economic activity. Though a full report on this work is not yet in print, and will not be for some time, I have had occasion to summarize some of the results in a paper submitted to the Joint Economic Committee, in subsequent testimony before that committee, and in a series of lectures on monetary policy.2 These necessarily condensed and preliminary statements of results without… Expand
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  • Economics
  • Journal of Political Economy
  • 1967
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