Research website of Edward Nelson

Edward Nelson

Senior Adviser, Division of Monetary Affairs, Federal Reserve Board, Washington DC

Email: Edward.Nelson@frb.gov

Research interests: macroeconomics, monetary economics


My new research papers are available in the Federal Reserve Board's FEDS paper series on the Federal Reserve Board's website.  My official Board web page containing new papers (once they appear in FEDS) is at this link.

The only portions of the current web page for which there are regular updates concern (1) material regarding my books Milton Friedman and Economic Debate in the United States 1932-1972 (Volume 1 and Volume 2) and Milton Friedman and Economic Debate in the United States 1973-2006 (with new draft chapters of this book being added periodically) and (2) the "Inscriptions Gallery" at the very end of the page.  (This portion of the web page provides scans of some authors' inscriptions given, in 1992-2019, in my copies of their books and research articles.

Also provided below are lists and links for papers and other materials written prior to my return to the Board in 2017.  As with all my papers, the views expressed in them should not be interpreted as those of the Federal Reserve or the Board of Governors.


CV (PDF)


Paper, Reaffirming the Influence of Milton Friedman on U.K. Economic Policy, August 2017.  Full text downloadable here (pdf)

Paper, “The Correlation Between Money and Output in the United Kingdom: Resolution of a Puzzle,” revised June 2016.  Full text downloadable here (pdf) Slides (pdf)


Slides for presentation, The Change in the Role of Monetary Policy in Australia, April 2016.


Books: 

Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 1, University of Chicago Press, 2020. 

Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2, University of Chicago Press, 2020. 

Milton Friedman and Economic Debate in the United States, 1973-2006, in preparation (links to draft chapters given below). 


For Volumes 1 and 2 of Milton Friedman and Economic Debate in the United States, 1932-1972, the detailed chapter layout is as follows:


Volume 1

Part 1:  Friedman's Pre-Monetarist Period, 1932 to 1950


Chapter 1: 1942 and 1995 

Chapter 2: Starting Out, 1932 to 1939

Chapter 3: Economic Policy on the Home Front, 1940 to 1943

Chapter 4: Money Changes Everything, 1944 to 1950

Part 2: Friedman's Framework

Chapter 5: Friedman's Aggregate Demand Framework: Consumption and Investment  

Chapter 6: Friedman's Aggregate Demand Framework: Money and Securities 

Chapter 7: Friedman's Aggregate Supply Framework

Chapter 8: Friedman's Framework: Policy Rules 

Chapter 9: Friedman's Framework: Market Economics and Research Methodology

Part 3: Friedman's Monetarist Years

Chapter 10: The Accord and the New Regime, 1951 to 1960

Volume 2
Chapter 11: Moving into High Gear, 1961 to 1963

Chapter 12: Critic of the New Economics, 1964 to 1966

Chapter 13: The Friedman Presidency and the Nixon Candidacy, 1967 to 1968

Chapter 14: Debates on Regulation and Aggregate Supply, 1969 to 1972

Chapter 15: Monetary Policy Debates and Developments in Stabilization Policy, 1969 to 1972

Book in preparation: Milton Friedman and Economic Debate in the United States, 1973-2006

Chapter 1 in preparation

Chapters 2 to 4 and 6  (on domestic and international developments, 1973 to 1974, domestic developments, 1975 to 1976, and domestic developments 1977 to 1978) Full text downloadable here (pdf)

Chapters 5 to 10 in preparation

Chapter 11: Making Every Moment Count, 1987 to 1992 Full text downloadable here (pdf)

Chapters 12 and 13 in preparation


Inscriptions Gallery

M. Friedman and A.J. Schwartz, A Monetary History of the United States, 1867-1960 (1963)—inscribed by Anna Schwartz (January 10, 1992) and Milton Friedman (January 22, 1992)

M. Friedman and A.J. Schwartz, A Monetary History of the United States, 1867-1960 (1963)—inscribed by Anna Schwartz (November 2007)

M. Friedman, Money Mischief (1992)—inscribed by Milton Friedman (February 1, 1994) Second inscription

M. Friedman and A.J. Schwartz, Monetary Statistics of the United States (1970)—inscribed by Anna Schwartz (October 2004)

A.J. Schwartz, Money in Historical Perspective (1987)—inscribed by Anna Schwartz (April 2003)

F. Capie and G.E. Wood (eds.), Monetary Economics in the 1980s (1989)—inscribed by contributor Phillip Cagan (January 1992)

K. Brunner and A.H. Meltzer, Monetary Economics (1989)—inscribed by Allan Meltzer (October 2004)

K. Brunner and A.H. Meltzer, Money and the Economy: Issues in Monetary Analysis (1993)—inscribed by Allan Meltzer (October 2004)

A.H. Meltzer, A History of the Federal Reserve, Volume 1: 1914-1951 (2003)—inscribed by Allan Meltzer (October 2004)

R. Dornbusch and S. Fischer, Macroeconomics (1978)—inscribed by Stanley Fischer (December 2017)

M.Nerlove, D.M. Grether, and J.L. Carvalho, Analysis of Economic Time Series: A Synthesis (1979)—inscribed by Marc Nerlove (June 2014)

B. Griffiths, The Creation of Wealth (1984)—inscribed by Brian Griffiths (November 2013)

R. Dornbusch, S. Fischer, and R. Schmalensee, Introduction to Microeconomics (1988)—inscribed by Stanley Fischer (December 2017)

J. Edwards, Keating: The Inside Story (1996)—inscribed by John Edwards (February 2015)

B.S.Bernanke, T. Laubach, F.S. Mishkin, and A.S. Posen, Inflation Targeting: Lessons from the International Experience (1999)—inscribed by Thomas Laubach and Rick Mishkin (July 2001)

J. Major, John Major: The Autobiography (1999)—inscribed by John Major (October 1999)

R. Skidelsky, John Maynard Keynes, Volume 3: Fighting for Britain 1937-1946 (2000)—inscribed by Robert Skidelsky (November 2013)

R. Skidelsky and E. Skidelsky, How Much Is Enough?: Money and the Good Life (2012)—inscribed by Robert Skidelsky (November 2013)

M. Woodford, Interest and Prices: Foundations of a Theory of Monetary Policy (2003)—inscribed by Michael Woodford (September 2003)

J. Edwards, Curtin’s Gift (2005)—inscribed by John Edwards (March 2005)

B. Stein, The Real Stars (2007)—inscribed by Ben Stein (May 2015)

T. Congdon, Keynes, the Keynesians and Monetarism (2007)—inscribed by Tim Congdon (September 2007)

T. Congdon, Money in a Free Society (2013)—inscribed by Tim Congdon (November 2013)

R.E. Lucas, Jr. (M. Gillman, ed.), Collected Papers in Monetary Theory (2013)—inscribed by Robert Lucas (January 2018)

J. Edwards, Beyond the Boom (2014)—inscribed by John Edwards (June 2014)

M.D. Bordo, O.F. Humpage, and A.J. Schwartz, Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century (2015)—inscribed by Michael Bordo (March 2015)

R. Leeson and C.G. Palm (eds.) (introduction by J.B. Taylor), Milton Friedman on Freedom (2017)—inscribed by John Taylor (March 2017)

M. D. Bordo and J.B. Taylor (eds.), Rules for International Monetary Stability: Past, Present, and Future (2017)—inscribed by Michael Bordo (May 2017)

M.K. Brunnermeier, H. James, and J.-P. Landau, The Euro and the Battle of Ideas (2016)—inscribed by Harold James (January 2018)

P. Jay, The Crisis for Western Political Economy and Other Essays (1984)inscribed by Peter Jay (June 2018)

L. Robbins, M. Friedman, S. Brittan, P. Jay, A.W. Coats and D. Laidler, Inflation: Causes,Consequences, Cures (1974)—inscribed by Samuel Brittan and Peter Jay (June 2018)

S. Brittan and P. Lilley, The Delusion of Incomes Policy (1977)—inscribed by Samuel Brittan (June 2018)

S. Brittan, The Economic Consequences of Democracy (1977)—inscribed by Samuel Brittan (June 2018)

S. Brittan, How to End the Monetarist Controversy (1981)—inscribed by Samuel Brittan (June 2018)

S. Brittan, The Role and Limits of Government (1983)—inscribed by Samuel Brittan (June 2018)

D. Kavanagh and A. Seldon (eds.), The Thatcher Effect (1989)—inscribed by contributor Samuel Brittan (June 2018)

S. Brittan, Capitalism With a Human Face (1996)—inscribed by Samuel Brittan (June 2018)

S. Brittan, Against the Flow (2005)—inscribed by Samuel Brittan (June 2018)

R.E.A. Farmer, How the Economy Works (2014)—inscribed by Roger Farmer (June 2018)

C.A.E. Goodhart, article in Journal of Economic Literature (December 1982)—inscribed by Charles Goodhart (June 2018)

C.A.E. Goodhart, Money, Information and Uncertainty (revised edition, 1989)—inscribed by Charles Goodhart (June 2018)

C.A.E. Goodhart and G. Illing (eds.), Financial Crises, Contagion, and the Lender of Last Resort (2002)—inscribed by Charles Goodhart (June 2018)

L. Oxley, D.A.R. George, C.J. Roberts, and S. Sayer (eds.), Surveys in Econometrics (1995)—inscribed by contributor Ron Smith (June 2018)

R. Hill (ed.), Keynes, Money and Monetarism (1989)—inscribed by contributors Samuel Brittan, Tim Congdon, Charles Goodhart, and Tony Thirlwall (June 2018)

D. Crabtree and A.P. Thirlwall (eds.), Keynes and the Role of the State (1993)—inscribed by Tony Thirlwall (June 2018)

E.S. Phelps, article in Yale Economic Essays, Spring 1961—inscribed by Edmund Phelps (August 2018)

E.S. Phelps, Golden Rules of Economic Growth, 1966—inscribed by Edmund Phelps (August 2018)

E.S. Phelps, article in Economica, August 1967—inscribed by Edmund Phelps (August 2018)


E.S. Phelps, article in Journal of Political Economy, July/August 1968—inscribed by Edmund Phelps (August 2018)


T. Congdon, Monetary Control in Britain (1982)—inscribed by Tim Congdon (June 2018)

T. Congdon, Monetarism Lost (1989)—inscribed by Tim Congdon (June 2018)

T. Congdon, Reflections on Monetarism (1992)—inscribed by Tim Congdon (June 2018)

T. Congdon, Money and Asset Prices in Boom and Bust (2005)—inscribed by Tim Congdon (June 2018)

T. Congdon (ed.), Money in the Great Recession (2017)—inscribed by Tim Congdon (June 2018)