Abstract
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.
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© 1992 SIPI Srl, Rivista di Politica Economica
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Cagan, P. (1992). Monetarism Yesterday and Today. In: Baldassarri, M., McCallum, J., Mundell, R. (eds) Global Disequilibrium in the World Economy. Central Issues in Contemporary Economic Theory and Policy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22269-8_7
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DOI: https://doi.org/10.1007/978-1-349-22269-8_7
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