Date: 13th November 2018 | 09:30-17.30

Venue: Lady Margaret Hall, Oxford

IIMR 2018 Monetary Conference: “Did Milton Friedman matter to British economic policy? Does he still matter?

Sponsored by the Royal Economic Society

and the Institute of International Monetary Research(You can also download the programme as a pdf here)

9.00 am Coffee and welcome

9.30 am Welcome – Juan Castañeda (University of Buckingham), Director of IIMR


Session 1 – ‘Did Britain have a “monetarist counter-revolution”? And was it led by Milton Friedman?’

Chairperson: Philip Booth

9.35 am – ‘Why have we forgotten about monetarism, but not about Milton Friedman? Reflections on monetarism, social learning and economic history’: – Michael Oliver

10.00 am – ‘Milton Friedman’s views on fiscal policy’ – John Greenwood

10.25 am – ‘Was the IMF or Milton Friedman more important in introducing “monetarism” to the Bank of England?’ – Charles Goodhart

10.50 am – Discussion

11.10 am – Coffee

Session 2 – Does money matter? And, if so, how?

Chairperson: Forrest Capie

11.30 am – ”Which M for emphasis? The rise and fall of broad money in the UK, 1967-81” – Duncan Needham

11.55 am – ‘Milton Friedman and the “which aggregate?” debate: if money matters, broad money rules, ok’ – Tim Congdon

12.20 pm – ‘What Milton Friedman has taught us about central banking and macro policy – especially on the role of money, credibility and expectations’. Dimitri Tsomocos

12.45 pm – Discussion

1.10 pm Lunch

Session 3 – Milton Friedman and freedom: his contribution to political debate and thinking

Chairperson: Geoffrey Wood

2.15 pm -‘The rise and fall of “Friedmanism”: reminiscences and reflections’ – Peter Jay

2.35 pm – ‘Milton Friedman, markets and freedom’ – Victoria Bateman

2.55 pm – ‘The contribution of Milton Friedman to the understanding of Economics in the UK’ – Eamonn Butler

3.15 pm – Discussion

3.35 pm – Tea

Session 4 – Milton Friedman and monetarism: the adventures of two reputations

Chairperson: Tim Sanderson

4.00 pm – ‘The early years of the Thatcher government: did they change history?’ – Adam Ridley

4.20 pm – ‘The failure of monetarism’ – Anthony Hotson

4.40 pm – ‘Milton Friedman and Chile: a personal retrospective’ – Tim Congdon

4.55 pm – ‘Milton Friedman, the IEA and the “monetarist counter-revolution”‘ Steve Davies

5.15 pm – Discussion


5.30 pm – Tim Congdon and Juan Castañeda – Closing remarks and thanks to contributors

5.45 pm – Soft drinks available

End of formal proceedings of the conference



6.30 pm Drinks, followed by dinner at Lady Margaret Hall