Monetarism Revisited

Thomas Mayer and Patrick Minford's retrospective on monetarism offers a useful summary of some of the main issues in the 1960s and 1970s debate over monetary theory and policy. I agree with much, but not all, of what they say and especially with a main conclusion that they draw: currently most of the issues then in dispute are now regarded as settled. Much of monetarist analysis now forms a central part of what is (strangely) called the neo-Keynesian model.