Over at Equitable Growth: I just hoisted [a piece I wrote fifteen years ago1—a follow-up to my “Triumph of Monetarism” that I published in the Journal of Economic Perspectives. I think of it as my equivalent of Olivier Blanchard's “The state of macro is good" piece… Read MOAR

However, it is, I now recognize, clearly inadequate. It is quite good on how's today's New Keynesians are really Monetarists and how today's Monetarists are really Keynesians. But it misses completely: