I think that the intelligent and thoughtful Binyamin Applebaum gets it somewhat wrong here: Binyamin Applebaum: Young Stanley Fischer and the Keynesian Counterrevolution: Consider the 1977 paper for which [Stanley Fischer] is most famous. It helped to transform the practice of monetary policy, creating the world in which Ben S. Bernanke has operated, but its … Continue reading The Keynesian Revolution, the Monetarist Counterrevolution, the New Classical Purge, the Neo-Keynesian Restoration: Saturday Focus (December 14, 2013)