Monitorism and Freedman

Vulkar was appointed in august 79, but we say that the volkar shock started in october 79. And it starts with an announcement that volker makes following a meeting of the feds. Now, folker says they're not goig to do interest rate targeting any more. They're going to target the growth of the money supply. That is essentially what a monitorist like freedman would prescribe. So in his sort of stated rational volgar is becomes a monit embraces monitorism. This is a huge ena victory for fr freedman's school of thought. But he was never a doctrinaire monitorist. He was a practical, a practical central banker,