Thomas Mayer
Thomas Mayer is emeritus professor
of economics, University of California,
Davis. He received his Ph.D. from
Columbia University in 1953. His
fields are monetary policy and
methodology of economics. He is the
author of Monetary Policy in the United
States, Permanent Income, Wealth and
Consumption, Intermediate
Macroeconomics (with David Rowan),
The Structure of Monetarism (with
others), Money, Banking and the
Economy (with James Duesenberry
and Robert Aliber), Revealing Monetary
Policy, Monetarism and Macroeconomic
Policy, Truth versus Precision in
Economics, Doing Economic Research,
and Monetary Policy and the Great
Inflation in the United States.
Papers Published in World Economics:
Monetarism
This paper offers a retrospective on the monetarist debate started by Milton
Friedman in the 1950s, discussing both monetarist theory and policy
recommendations. While the inability to find a controllable monetary aggregate
with a velocity that can be accurately predicted has severely damaged the
monetarist case, on other issues, such as the importance of changes in the
monetary growth rate and the need to control inflation, the monetarist challenge
to Keynesian orthodoxy was successful and made a central contribution to the
currently prevailing macroeconomics.
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