Monetarism Yesterday and Today

  • Phillip Cagan
Part of the Central Issues in Contemporary Economic Theory and Policy book series (CICETP)


The volatile financial environment of the 1980s has revived doubts about the reliability of monetary targets, reversing the growing acceptance monetarism had attained in the 1970s. Long-time opponents of monetarism see its fall from favor as overdue justification of their opposition; its proponents see a serious but not fatal setback. A middle view is that the monetarist proposal of constant money growth no longer inspires confidence in its capacity to stabilize output and the price level, but that monetarism’s monetary theory and policy continues. I shall comment on those developments and on the current status of monetarist ideas.


Interest Rate Monetary Policy Money Supply Money Demand Phillips Curve 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© SIPI Srl, Rivista di Politica Economica 1992

Authors and Affiliations

  • Phillip Cagan
    • 1
  1. 1.Columbia UniversityUSA

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