Benjamin M Friedman
Biographic Data
| ID | 572287 |
|---|---|
| NAME | Benjamin M Friedman |
| GIVEN NAMES | Benjamin M |
| FAMILY NAME | Friedman |
| SIGNATURE | FRIEDMAN B M |
| AFFILIATIONS | Harvard University Press |
| ORCID | 0000-0002-5845-9389 |
| VERIFIED | Yes |
| TOTAL WORKS | 21 |
| TOTAL CITATIONS | 80 |
| AUTHOR COUNT | 21 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1971 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 3 |
The influence of religious thinking on economic thinking: America’s social gospel, with thoughts on Rerum Novarum
Contrary to the conventional view that modern Western economics emerged from the Enlightenment of the eighteenth century with no connection to religious ideas, economic thinking at the discipline’s origins was powerfully influenced by what were then new and highly controversial lines of thought within the English-speaking Protestant world. Further, as economies evolved over the subsequent centuries, and the questions economists asked and the appr…
Monetary Policy since the 2007–2009 Financial Crisis
Is our financial system serving us well
Comment on "Sustaining Entrepreneurial Capitalism" (by William J. Baumol, Robert E. Litan and Carl J. Schramm)
This paper is a comment on Sustaining Entrepreneurial Capitalism, William J. Baumol, Robert E. Litan and Carl J. Schramm which can be found at: http://ssrn.com/abstract=2206520.
Capitalism, economic growth & democracy
The moral consequences of economic growth
The Ethical Economist: Growth May Be Everything, but It's Not the Only Thing
L'échec de la sécurité intérieure aux États-Unis
Indicator Properties of the Paper—Bill Spread: Lessons from Recent Experience
A feature of U.S. postwar business cycle experience that is by now widely documented is the tendency of the spread between the respective interest rates on commercial paper and Treasury bills to widen shortly before the onset of recessions. By contrast, the paper—bill spread did not anticipate the 1990–1991 recession. Empirical work presented in this paper supports two (not mutually exclusive) explanations for this departure from past experience.…
Does Debt Management Matter
Part 1 Does debt management matter?, Jonas Agell and Mats Persson: some general concepts the portfolio balance approach to debt management implementing the basic model by using historical data an alternative approach to the covariance matrix how returns adjust - the effects of endogenous prices comments, Jeffrey A. Frankel and Benjamin M. Friedman. Part 2 Debt management policy, interest rates and economic activity, Benjamin M. Friedman: debt man…
Handbook of Monetary Economics. Volumes I and II
Journal Article Handbook of Monetary Economics. Volumes I and II Get access Handbook of Monetary Economics. Volumes I and II. Edited by B. M. FRIEDMAN and F. H. HAHN. (Amsterdam, New York and Oxford: North-Holland, 1990. Pp. xxix + 724, xxix + 725-1311. Dfl. 250.00 hardback, US $78.50 hardback (two-volume set). ISBN o 444 88025 9, 0 444 88026 7.) Roy Bailey Roy Bailey University of Essex Search for other works by this author on: Oxford Academic G…
Preface to the handbook
America in the World Economy: A Strategy for the 1990s
Lessons on Monetary Policy from the 1980s
The half-decade running from mid-1982 to mid-1987 was a pretty good era for U.S. monetary policy, as these things go. Even the severe 1981-82 recession served its intended purpose of substantially restoring price stability. At least as judged by the outcomes for the standard objectives of macroeconomic policy, U.S. monetary policy was a distinct success. Economists hoping to say something useful about monetary policy in the 1980s have had a tough…
Stock Prices and Social Dynamics
Prices and Social DynamicsFashion is the great governor of this world; it presides not only in matters of dress and amusement, but in law, physic, politics, religion, and all other things of the gravest kind; indeed, the wisest of men would be puzzled to give any better reason why particular forms in all these have been at certain times universally received, and at others universally rejected, than that they were in or out of fashion. Henry Field…
How Important is Disaggregation in Structural Models of Interest Rate Determination
The results presented below demonstrate that the structural modeling approach to interest rate determination not only stands apart from the sectoral disaggregation question conceptually but also performs fairly well without sectoral disaggregation empirically. This paper presents estimation and dynamic simulation results for an aggregated equivalent to the disaggregated model of the determination of bond yields developed in Friedman (1977; 1979).…
Interest Rate Uncertainty and the Value of Bond Call Protection
This paper uses a model of the valuation of bonds bearing call options, together with observed market yields on callable bonds, to infer information about the uncertainty associated with interest rate expectations. A dynamic programming solution of the model simultaneously determines both the bond price and the issuer's optimal refunding strategy, given the relevant data describing the bond and the market's expectations of future interest rates. …
Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates
Because transactions costs are smaller for allocating new cash flows than for reallocating existing asset holdings, financial flow variables are important determinants of investors' short-run asset demands. The demand-for-bonds equations implied by the resulting "optimal marginal adjustment" model of portfolio behavior constitute the demand side of a structural supply-demand model of the determination of the long-term interest rate. Empirical res…
Unemployment: Okun's Law, Labor Force, and Productivity
ONE of the most important relationships I in economics is that between the production of real output on the one side and the employment and unemployment of labor on the other. In the familiar breakdown of an economy into its simplest functions a goods market, a labor market, and one or more financing markets1 this relationship comprises the interface between the goods market and the labor market. The relationship is all the more important in that…
Optimal Economic Stabilization Policy: An Extended Framework
Econometric Simulation Difficulties: An Illustration
The use of iterative algorithms, based on the Gauss-Seidel method or a similar approach, to solve systems of nonlinear simultaneous equations may lead to problematical situations which in theory are not surprising, but in practice are unexpected by the user. In particular, such situations may arise in the solution of econometric models for simulation purposes. One source of the problem lies in the failure of these algorithms, which repeatedly sol…
Stock Prices and Social Dynamics
Prices and Social DynamicsFashion is the great governor of this world; it presides not only in matters of dress and amusement, but in law, physic, politics, religion, and all other things of the gravest kind; indeed, the wisest of men would be puzzled to give any better reason why particular forms in all these have been at certain times universally received, and at others universally rejected, than that they were in or out of fashion. Henry Field…
The moral consequences of economic growth
Lessons on Monetary Policy from the 1980s
The half-decade running from mid-1982 to mid-1987 was a pretty good era for U.S. monetary policy, as these things go. Even the severe 1981-82 recession served its intended purpose of substantially restoring price stability. At least as judged by the outcomes for the standard objectives of macroeconomic policy, U.S. monetary policy was a distinct success. Economists hoping to say something useful about monetary policy in the 1980s have had a tough…
Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates
Because transactions costs are smaller for allocating new cash flows than for reallocating existing asset holdings, financial flow variables are important determinants of investors' short-run asset demands. The demand-for-bonds equations implied by the resulting "optimal marginal adjustment" model of portfolio behavior constitute the demand side of a structural supply-demand model of the determination of the long-term interest rate. Empirical res…
The Ethical Economist: Growth May Be Everything, but It's Not the Only Thing
Optimal Economic Stabilization Policy: An Extended Framework
Econometric Simulation Difficulties: An Illustration
The use of iterative algorithms, based on the Gauss-Seidel method or a similar approach, to solve systems of nonlinear simultaneous equations may lead to problematical situations which in theory are not surprising, but in practice are unexpected by the user. In particular, such situations may arise in the solution of econometric models for simulation purposes. One source of the problem lies in the failure of these algorithms, which repeatedly sol…
Optimal Economic Stabilization Policy: An Extended Framework
Unemployment: Okun's Law, Labor Force, and Productivity
ONE of the most important relationships I in economics is that between the production of real output on the one side and the employment and unemployment of labor on the other. In the familiar breakdown of an economy into its simplest functions a goods market, a labor market, and one or more financing markets1 this relationship comprises the interface between the goods market and the labor market. The relationship is all the more important in that…
Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates
Because transactions costs are smaller for allocating new cash flows than for reallocating existing asset holdings, financial flow variables are important determinants of investors' short-run asset demands. The demand-for-bonds equations implied by the resulting "optimal marginal adjustment" model of portfolio behavior constitute the demand side of a structural supply-demand model of the determination of the long-term interest rate. Empirical res…
Interest Rate Uncertainty and the Value of Bond Call Protection
This paper uses a model of the valuation of bonds bearing call options, together with observed market yields on callable bonds, to infer information about the uncertainty associated with interest rate expectations. A dynamic programming solution of the model simultaneously determines both the bond price and the issuer's optimal refunding strategy, given the relevant data describing the bond and the market's expectations of future interest rates. …
How Important is Disaggregation in Structural Models of Interest Rate Determination
The results presented below demonstrate that the structural modeling approach to interest rate determination not only stands apart from the sectoral disaggregation question conceptually but also performs fairly well without sectoral disaggregation empirically. This paper presents estimation and dynamic simulation results for an aggregated equivalent to the disaggregated model of the determination of bond yields developed in Friedman (1977; 1979).…
Stock Prices and Social Dynamics
Prices and Social DynamicsFashion is the great governor of this world; it presides not only in matters of dress and amusement, but in law, physic, politics, religion, and all other things of the gravest kind; indeed, the wisest of men would be puzzled to give any better reason why particular forms in all these have been at certain times universally received, and at others universally rejected, than that they were in or out of fashion. Henry Field…
Lessons on Monetary Policy from the 1980s
The half-decade running from mid-1982 to mid-1987 was a pretty good era for U.S. monetary policy, as these things go. Even the severe 1981-82 recession served its intended purpose of substantially restoring price stability. At least as judged by the outcomes for the standard objectives of macroeconomic policy, U.S. monetary policy was a distinct success. Economists hoping to say something useful about monetary policy in the 1980s have had a tough…
America in the World Economy: A Strategy for the 1990s
Preface to the handbook
Handbook of Monetary Economics. Volumes I and II
Journal Article Handbook of Monetary Economics. Volumes I and II Get access Handbook of Monetary Economics. Volumes I and II. Edited by B. M. FRIEDMAN and F. H. HAHN. (Amsterdam, New York and Oxford: North-Holland, 1990. Pp. xxix + 724, xxix + 725-1311. Dfl. 250.00 hardback, US $78.50 hardback (two-volume set). ISBN o 444 88025 9, 0 444 88026 7.) Roy Bailey Roy Bailey University of Essex Search for other works by this author on: Oxford Academic G…
Does Debt Management Matter
Part 1 Does debt management matter?, Jonas Agell and Mats Persson: some general concepts the portfolio balance approach to debt management implementing the basic model by using historical data an alternative approach to the covariance matrix how returns adjust - the effects of endogenous prices comments, Jeffrey A. Frankel and Benjamin M. Friedman. Part 2 Debt management policy, interest rates and economic activity, Benjamin M. Friedman: debt man…
Indicator Properties of the Paper—Bill Spread: Lessons from Recent Experience
A feature of U.S. postwar business cycle experience that is by now widely documented is the tendency of the spread between the respective interest rates on commercial paper and Treasury bills to widen shortly before the onset of recessions. By contrast, the paper—bill spread did not anticipate the 1990–1991 recession. Empirical work presented in this paper supports two (not mutually exclusive) explanations for this departure from past experience.…
The Ethical Economist: Growth May Be Everything, but It's Not the Only Thing
L'échec de la sécurité intérieure aux États-Unis
The moral consequences of economic growth
Comment on "Sustaining Entrepreneurial Capitalism" (by William J. Baumol, Robert E. Litan and Carl J. Schramm)
This paper is a comment on Sustaining Entrepreneurial Capitalism, William J. Baumol, Robert E. Litan and Carl J. Schramm which can be found at: http://ssrn.com/abstract=2206520.
Capitalism, economic growth & democracy
Is our financial system serving us well
Monetary Policy since the 2007–2009 Financial Crisis
The influence of religious thinking on economic thinking: America’s social gospel, with thoughts on Rerum Novarum
Contrary to the conventional view that modern Western economics emerged from the Enlightenment of the eighteenth century with no connection to religious ideas, economic thinking at the discipline’s origins was powerfully influenced by what were then new and highly controversial lines of thought within the English-speaking Protestant world. Further, as economies evolved over the subsequent centuries, and the questions economists asked and the appr…
Economics (17 works) · Political science (8 works) · Interest rate (6 works) · Macroeconomics (6 works) · Economic Theory and Policy (5 works) · Monetary economics (5 works) · Monetary Policy and Economic Impact (5 works) · Econometrics (4 works) · Economic theories and models (4 works) · Finance (4 works)