Monetarism is dead Central bankers are all Wicksellians now They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this synthesis still hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to the volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the...