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dc.contributor.authorMayer, Thomasen_US
dc.description.abstractThis essay offers a critical sketch of the Keynesian-monetarist debate about monetarypolicy that took place in the United States in the second half of the 20th. century.1 Thisdebate has not disappeared altogether. Currently discussed issues, such as inflationtargeting and central-bank transparency, are extensions of the older debate adapted tocurrent circumstances. My discussion is informal and impressionistic and tries toconvey the flavor of the debate rather than to contrast fully articulated models. I start bysketching the situation after World War II when American monetarism developed, thentake up the main issues in this debate, and the relation of the current monetary-policyconsensus to monetarism, and conclude with an evaluation of this debate.2In such a discussion one should be open about where one is coming from. I gotinvolved in the issues of the debate at a very early stage, have a strong Friedmanianmethodological preference for combining theoretical analysis with empirical testing,started out with a more or less Keynesian orientation with respect to theory, and thenshifted a good part of the way into the monetarist camp, but was never a full-bloodedmonetarist, or accepted by monetarists as "one of us".en_US
dc.relation.ispartofseries|aWorking papers / University of California, Department of Economics |x03,9en_US
dc.subject.stwGeldpolitisches Zielen_US
dc.titleThe monetarist policy debate : an informal retrospectiveen_US
dc.typeWorking Paperen_US

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