Re: Friedman VS Keyneslan

From: John Conover <>
Subject: Re: Friedman VS Keyneslan
Date: 22 May 1999 17:22:11 -0000

Robert Vienneau writes:
> Anyways, is the question between monetarism and "Keynesianism" an
> empirical dispute over the relative sizes of slopes of curves in
> the IS-LM model?

Hi Robert. At:

is a graph of the run lengths of US GDP's expansions and contractions,
at two scales-quarterly, and annually. Both graphs are overlayed, with
a third graph, erf (1 / sqrt (t)).

It would appear that the US GDP is a self similar/affine fractal with
a fractal dimension near 0.5, ie., approximately, random walk.

How can the paradigms of monetarism and/or Keynesianism be reconciled
with something that appears to be produced by a random mechanism?



John Conover,,

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