Milton Friedman And The Effectiveness Of Fiscal Policy [milton Friedman E A Efetividade Da Política Fiscal]

The purpose of this paper is to discuss the thoughts of Milton Friedman on the role of fiscal policy. The discussion is structured with four topics. The first brings back parts of the author's trajectory, from his initial phase where he believes on the importance of the fiscal policy to the moment he denies it. The second talks about issues presented in the previous topic and the arguments used to deny the effectiveness of fiscal policy. The third is the presentation of the permanent income hypothesis and its position against the use and implications of the consumption function in studies of the old neoclassic synthesis. The last topic highlights the criticism against the discretionary actions, with emphasis on the lags on fiscal policy. The return to the author is justified because his ideas have influenced the way of the current dominant macroeconomic theory thinking of relevant topics on fiscal policy.172201219Barro, R.J., Are government bonds net wealth? (1974) J.P.E, 82 (6), pp. 1095-1117. , nov./dezBarro, R.J., On the determination of the public debt (1979) Journal of Political Economy, 87, pp. 940-951Congdon, T., Milton Friedman on the ineffectiveness of fiscal policy (2011) Economic Affairs, 31 (1), pp. 62-65Friedman, M., Quantity theory of money (1987) The New Palgrave: A Dictionary of Economics, 4, pp. 3-20. , http://0055d26.netsolhost.com/friedman/pdfs/other_academia/Palgrave.1987.c.pdf, EATWELL, J.MILGATE, M.NEWMAN, P. (Eds.), New York: Stockton Pressand London: Macmillan, Disponível em, Acesso em: 22 ago. 2013Friedman, M., Monetary policy for the 1980s (1984) To Promote Prosperity: U.S. Domestic Policy In the Mid-1980s, , http://0055d26.netsolhost.com/friedman/pdfs/other_commentary/Stanford.01.01.1984.b.pdf, MOORE, J. H, Stanford, California: Hoover Institution Press, Disponível em, Acesso em: 22 ago. 2013Friedman, M., Comments on the critics (1972) The Journal of Political Economy, 80 (5), pp. 906-950. , set./outFriedman, M., The quantity theory of money (1968) INTERNATIONAL Encyclopedia of the Social Sciences, pp. 432-447. , Free PressWalters, A.A., (1973) Money and Banking, , Reimpresso em, London: Penguin Modern Economics ReadingFriedman, M., The role of monetary policy (1968) American Economic Review, 58 (1), pp. 1-17. , marFriedman, M., (1962) Capitalism and Freedom, , Chicago: The University of ChicagoFriedman, M., (1957) A Theory of the Consumption Function, , Princeton: Princeton University PressFriedman, M., The quantity theory of money, a restatement (1956) Studies In the Quantity Theory of Money, , In: FRIEDMAN, M. (Ed.), Chicago: University of Chicago PressFriedman, M., A monetary and fiscal framework for economic stability (1948) The American Economic Review, 38 (3), pp. 245-264. , junFriedman, M., Becker, G., A statistical illusion in judging Keynesian models (1957) The Journal of Political Economy, 65 (1), pp. 64-75. , fevFriedman, M., Heller, W.W., (1969) Monetary vs. Fiscal Policy, , New York: W. W. NortonFriedman, M., Meiselman, D., The relative stability of monetary velocity and the investment multiplier in the United States, 1897-1958 (1963) STABILIZATION Policies, pp. 165-268. , Englewood Cliffs, N.J.: Prentice HallFriedman, M., Schwartz, A.J., Money and business cycle (1963) The Review of Economics and Statistics, 45 (2), pp. 32-64. , The MIT Press, suplemento, fevWalters, A.A., (1973) Money and Banking, , Reimpressoem, London: Penguin Modern Economics ReadingFriedman, M., Schwartz, A.J., (1963) A Monetary History of the United States: 1867-1960, , Princeton: Princeton Univ. PressHansen, A., (1947) Economic Policy and Full Employment, , New York and London: McGraw-HillHetzel, R.L., The contributions of Milton Friedman to Economics (2007) Economic Quarterly, 93 (1), pp. 1-30Laidler, D., (2012) Milton Friedman's Contributions to Macroeconomics and Their Influence, , Working Paper Series, Economic Policy Research Institute EPRI, n. 2012-2, fevKydland, F.E., Prescott, E.C., Rules rather than discretion: The inconsistency of optimal plans (1977) Journal of Political Economy, 85 (3), pp. 473-491Sargent, T., Interpreting the Reagan deficits (1986) Economic Review, 4. , Federal Reserve Bank of San FranciscoSargent, T., (1987) Some of Milton Friedman's Scientific Contributions to Macroeconomics, , Stanford, CA: Hoover Institution, Stanford UniversitySnowdon, B., Vane, H., (2005) Modern Macroeconomics: Its Origins, Development and Current State, , London: Edward ElgarWoodford, M., Convergence in macroeconomics: Elements of the new synthesis (2009) American Economic Journal: Macroeconomics, 1 (1), pp. 267-279. , ja