The Monetarist Counterrevolution: April 2001:
Introduction
Last year I published an essay (DeLong, 2000) arguing that modern Keynesians are really monetarists. Even if they--we--do not really like to admit it, most of the key elements in how modern "new Keynesian" economists view the world are derived from or heavily influenced by the work of Milton Friedman.
But that essay left me unsatisfied, for it was only half of the story.
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