The Role of Monetary Policy

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The American Economic Review VolumeLVIII MARCH 1968 Number 1 THE ROLE OF MONETARY POLICY* By MILTON FRIEDMAN** There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth. There is less agree- ment that these goals are mutually compatible or, among those who re- gard them as incompatible, about the terms at which they can and should be substituted for one another. There is least…

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