Date of Original Version




Abstract or Description

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.


Allan Meltzer responds to the article by Thomas Mayer and Patrick Minford, ‘Monetarism: A Retrospective’ that appeared in World Economics, Vol. 5, No. 2 (April–June), 2004, pp. 147–185.



Published In

World Economics, 5, 3, 161-164.