In a speech on Milton Friedman's monetary framework given on 24 October, Ben Bernanke of the Federal Reserve said that one can hardly overstate the influence of Friedman's monetary framework on contemporary monetary theory and practice. He identified the key empirical facts and he provided us with broad policy recommendations, notably the emphasis on nominal stability, that have served us well. For these contributions, both policymakers and the public owe Milton Friedman an enormous debt.

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