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Brad Bateman wrote: 
 
<< If I understand Michael Ambrosi's question, he is inquiring where 
Friedman states his argument that monetary authorities (central banks) 
should follow a rule (such as a price level rule or a money growth rule) 
rather than being given the discretionary power to conduct monetary policy 
as they see fit. There are many places where Friedman makes this argument, 
but it is certainly repeated in almost every major work he wrote in 
monetary economics.<<  
 
For a look at a couple of Friedman's sources, I would suggest Lionel Edie's 
 "The Banks and Prosperity" (1931) and Carl Synder's "New Measures in the 
Equation of Exchange" (1924) published in the AER, December 1924. Both Edie 
and Snyder advocated a money growth rule long before Friedman. 
 
Chas Anderson  
 
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