THE CONCEPT OF THE OPTIMAL MONEY STOCK The concept of the optimal stock of money introduced by Milton Friedman (1969) has stimulated much discussion and controversy. More recently, Lucas (1994) has provided new estimates of the welfare gain for the American economy from setting the optimal level of real cash balances. Before turning to a critique of Lucas, let us provide a rationale for this co...

and MIT for valuable comments. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. All rights reserved. Short sections of text not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including, © notice, is given to the source. ABSTRACT Milton Friedman argued that irrational traders ...

OBJECTIVE Uvulopalatopharyngoplasty (UPPP) success rates in patients classified with Friedman stage 3 is reported as 8%. Surgical failure may result from persistent obstruction at the palate, which may be addressed by pharyngoplasty with palatal advancement (PA). The effectiveness of PA versus UPPP was evaluated by using polysomnographic outcomes in a retrospective cohort of patients classified...

According to the logic of the Friedman rule, the opportunity cost of holding money faced by private agents should equal the social cost of creating additional fiat money. Thus nominal rates of interest should be zero. This logic has been shown to be correct in a number of contexts, with and without various distortions. In practice, however, economies that have confronted very low nominal rates ...

Previous Studies Although the operation of leucotomy is now over 20 years old only a few attempts at a controlled assessment of its therapeutic effect have been made (Penrose, 1944; Mettler, 1949, 1952; Friedman, Moore, Ranger, and Russman, 1951; Livingston, 1953; Jenkins and Holsopple, 1953; Freeman, Davis, East, Tait, Johnson, and Rogers, 1954; Jenkins, Holsopple, and Lorr, 1954; Medina, Pear...

In 1989, Lawrence M. Friedman published Law, Lawyers and Popular Culture. Based in part on James Willard Hurst’s idea that markets create a social aggregate of behavior that shapes law, Friedman’s article offered one of the earliest arguments for the use of popular culture as a source of material for the study of law. According to Friedman, popular legal culture (a social aggregate of opinion a...

The first attempt at a systematic approach to axiomatic theories of truth was undertaken by Friedman and Sheard [11]. There twelve principles consisting of axioms, axiom schemata and rules of inference, each embodying a reasonable property of truth were isolated for study. Working with a base theory of truth conservative over PA, Friedman and Sheard raised the following questions. Which subsets...

An (n, d)-expander is a graph G = (V,E) such that for every X ⊆ V with |X| ≤ 2n− 2 we have |ΓG(X)| ≥ (d + 1)|X|. A tree T is small if it has at most n vertices and has maximum degree at most d. Friedman and Pippenger (1987) proved that any (n, d)-expander contains every small tree. However, their elegant proof does not seem to yield an efficient algorithm for obtaining the tree. In this paper, ...

Friedman Chosen as APS Vice-President in 1996 Election ....................... 1 Inside the Beltway ...................................................................................... 1 Bederson Lead APS Journals Into Electronic Age ...................................... 2 International News ..................................................................................... 3 IN BRIEF........