Retrospectives: Was the Monetarist Tradition Invented?
检验了哈里·约翰逊关于米尔顿·弗里德曼“发明”了芝加哥口头货币数量论传统的指控，发现大萧条前芝加哥学派确实存在主张政府支出以增加货币流通的独特传统，这使他们较少受凯恩斯革命影响，且弗里德曼的周期分析与此传统高度一致。
In 1969, Harry Johnson charged that Milton Friedman 'invented' a Chicago oral quantity theory tradition, the idea being that in order to launch a monetarist counter-revolution, Friedman needed to establish a linkage with pre-Keynesian orthodoxy. This paper shows that there was a distinct pre-Keynesian Chicago quantity-theory tradition that advocated increased government expenditure during the Great Depression in order to put money directly into circulation. This policy stance distinguished the Chicago economists from other quantity theorists, leaving them less susceptible to the Keynesian revolution. Those who have been critical of Friedman's claim that his work derives from the earlier Chicago tradition have focused exclusively on Friedman's long-run empirical specification of money demand. Friedman's cyclical analysis is shown to be very much in the Chicago tradition. Other connections between Friedman's views and the Chicago tradition are also discussed.