Am I right in saying that before Friedman and Schwartz(1963) came out with their book that for mainstream economists the emphasis was mostly on the effectiveness of fiscal policy rather than monetary policy?
I think I understand what you’re saying. But I’m not arguing that the monetarists don’t have a keynesian world view. I’m arguing that their emphasis is different within that world view and that they managed to change the emphasis in the mainstream analysis of the end of the Great Depression or am I overstating the monetarist influence?
