Three centuries of events, episodes, and policy controversies reveal that certain classical theories of monetary policy have outperformed other theories whose superficial, albeit fallacious, logic makes them perennially popular with the general public, politicians, and even some policymakers....

The resurgence of monetarism has been one of the more Celebrated developments in postwar macroeconomic thought. Since Milton Friedman's influential 1956 restatement of the quantity theory of money, monetarism has become increasingly prominent in policy deliberations and academic theorizing...

Given the inherent complexity of the current inflation problem and the tendency of individuals to differ in their interpretation of events, it is not surprising that a number of competing theories of inflation exist today