“My thesis will be that monetarists, while their criticism ofthe Fed’sthesis will be that monetarists, while their criticism ofthe Fed’s expansionist history has been most welcome and has been instrumental in the struggle against inflation, do not go far enough. In particular I will stress two issues which most monetarists have ignoredinstrumental in the struggle against inflation, do not go far enough. In particular I will stress two issues which most monetarists have ignoredtwo issues which most monetarists have ignored but which together suggest that putting Constitutional constraints on the Fed, even in the form ofa rigid monetary rule, is not an adequate solution to our inflationary problems.” Read more.