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By J. Daniel Hammond

Concentrating on the interval of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this paintings examines the background of debates among Friedman and his critics over money's causal position in enterprise cycles. Professor Hammond exhibits that critics' reactions have been grounded in precise positive aspects of Friedman and Schwartz's method of doing fiscal analysis--their nationwide Bureau enterprise cycle equipment and Friedman's Marshallian method. Drawing generally on unpublished fabrics, Professor Hammond's therapy bargains new insights on Milton Friedman's makes an attempt to settle debates together with his critics and his eventual reputation of the methodological impediments.

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For instance, though Haavelmo's 1944 article was a compass for the Cowles program, Vining used the same article in defense of the National Bureau. No doubt the passion in the charges and countercharges was in part the result of product differentiation campaigns. 15 Each set out to develop a program with a distinct identity. 16 Likewise, there were clear differences of emphasis between the National Bureau approach and the approach favored by Viner and Bye. Yet the differences were more subtle than "measurement versus theory," unless of course one takes the position that the only theory is neoclassical theory or, alternatively, formal probabilistically based theory.

Economy was Jan Tinbergen's (1939) model using data for 1919 through 1932. S. 11 He produced the first macroeconometric model, and his would become an archetype for later generations of models. Tinbergen used an explicit general equilibrium framework, beginning with an analytical skeleton with a linear equation for each variable to be explained. His approach was explicitly causal and aimed for full specification of the causal factors. He built into the model a dynamic potential for cycles by including lagged values among the right-hand side variables.

Stigler then quoted Chamberlin on the "uniformity" assumption: "We therefore proceed under the heroic assumption that both demand and cost curves for all 'products' are uniform throughout the group" (Stigler, p. 16; Chamberlin, 1946, p. 82). He pointed out that this assumption obliterates the diversity among "products" that is supposed to be at the core of the analysis. Unless the products are homogeneous, there can be no meaning in uniform costs and demands. What Stigler labeled the "symmetry" condition was Chamberlin's assumption that any adjustment in price or "product" by a single firm has negligible effects on any other firms.

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