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Economic Commentary

Milton Friedman, Teacher, 1912–2006

Nobel laureate Milton Friedman, who died on November 16, 2006, changed the course of modern central banking. Many of his proposals for the conduct of monetary policy were controversial at the time he made them but are now widely accepted. This Commentary reviews some of Friedman’s contributions to monetary economics.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Carlstrom, Charles T., and Timothy S. Fuerst. 2006. “Milton Friedman, Teacher, 1912–2006.” Federal Reserve Bank of Cleveland, Economic Commentary 12/1/2006.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International