Are There Important Differences between Classical and Twenty-First-Century Monetary Theories? Did the Keynesian and Monetarist Revolutions Matter?
指出，从凯恩斯《通论》之前至今，货币理论和货币政策的变化其实很小，商业周期解释与早期类似，货币政策仍以金融稳定和应对冲击为主，凯恩斯和货币主义者的尝试被主流经济学抛弃。
It is not generally realized how little changed monetary theory and the theory and practice of monetary policy are from the time before Keynes’s General Theory. Explanations of business fluctuations by Keynes’s predecessors closely resemble the current literature, notwithstanding significant changes in the economic structure and several vaunted revolutions in theory in the meantime. Monetary policy is similarly unchanged from its dominant focus on financial stability and its atheoretic responses to shocks. The ambitious attempts of Keynes and the monetarists to account for money and uncertainty have been rejected by the mainstream of their fellow economists.