Paul Krugman made a little fun of me in a column last week. He wrote that “market monetarism,” a set of ideas about monetary policy that I once called “the shining success of the conservative reform movement,” had not caught on with any actual conservatives. Over the last few years, market monetarists have wanted looser money and higher inflation. Yet many conservatives still fear inflation and want tight money; in 2012, the Republican Party even added a plank to its platform calling for re-examination of the gold standard.

But here’s the funny thing: Despite an apparent lack of conservative support, market monetarists have achieved most of their policy goals, even while conservative appointees have played a significant role in running the Federal Reserve.

If you had asked a market monetarist in 2011 for his preferred economic policies, what would he have told you? Let’s look back at what David Beckworth and Ramesh Ponnuru wrote in The New Republic three years ago, laying out the goals of market monetarists. They wanted (1) aggressive expansion of the money supply, (2) clear guidance from the Fed that it would let inflation rise when real economic growth was slow and (3) deficit reduction. And what policies have we gotten since 2011? Definitely (1) and (3), and sort of (2).