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:


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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