O que Milton Friedman (1912-2006) teria recomendado para elaboração de política monetária para a crise global de 2007-2009? Bernanke, em 2004, observou que “Friedman’s monetary framework has been so influential that, in its broad outlines at least, it has nearly become identical with modern monetary theory and practice.” Este artigo de Edward Nelson analisa a resposta de política à crise financeira sob a perspectiva da abordagem do Milton Friedman:
"the purpose of the present paper is to discuss Friedman’s monetary framework with particular reference to his analysis of financial crises. In so doing, I aim to show that certain aspects of Friedman’s framework are consistent with recent monetary policy practice, yet do not coincide with the majority view underlying “modern monetary theory.” In particular, the manner in which key monetary and financial policy responses have departed from leading benchmarks in the monetary policy and banking literature can be understood by considering Friedman’s own departures from those benchmarks. I will concentrate on bringing out lesser-known aspects of Friedman’s monetary economics that provide a conceptual framework through which recent policy actions can be understood. Several elements of the policy response are either explicitly along lines that Friedman recommended, or are actions that have the practical effect of satisfying criteria that he laid out."