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11) Figure 1, which shows the now-famous collapse in NGDP beginning in 2008, is frequently cited by Market Monetarists as evidence for their claims.
It should be acknowledged that the new Keynesians and monetarists accept some non-neutrality in the short term, but in the long run both believe those effects disappear.
In the policy arena, central banks understandably never embraced antiactivist Austrian theory, and monetarist thinking prevailed only fleetingly (around 1979-82) and in a degraded and politically corrupted form.
One is to develop tests on the basis of differing views of Keynesians and monetarists with respect to the transmission mechanism.
In the second article, "New Monetarist Economics: Methods," Stephen Williamson and Randall Wright argue that we need a camp to provide loyal opposition to the New Keynesian view.
Yet other insights, derived at least partly from monetarist critiques of what demand-management policy could achieve, should not be forgotten.
Are we looking in the wrong places, or is it time to update monetarist theory?
His lack of appreciation of the contributions of monetarism may partly reflect the fact that many monetarist ideas were already being incorporated by moderate Keynesians into their analysis by the time Krugman became active in economies.
After all, the monetary aggregates, the money supply in one, or other, of its various guises, should presumably play a major role in any monetarist scheme of affairs.
The study tested the monetarists proposition that money supply has been the main determinant of inflation in Pakistan.
I am not surprised as I have been arguing for years that Keynes and his ideas, particularly when adjusted for contemporary circumstances, are still far superior as a guide to policy then those of Milton Friedman and the monetarists.