> Why can't it be both monetary and non-monetary? Empirical data says money supply often doesn't do much. See Japan for example: * https://fred.stlouisfed.or

> Why can't it be both monetary and non-monetary? Empirical data says money supply often doesn't do much. See Japan for example: * https://fred.stlouisfed.org/graph/?g=PA7P https://fred.stlouisfed.org/graph/?g=PA7P Data series: * https://fred.stlouisfed.org/series/FPCPITOTLZGJPN https://fred.stlouisfed.org/series/FPCPITOTLZGJPN (JP inflation) * https://fred.stlouisfed.org/series/MYAGM2JPM189S https://fred.stlouisfed.org/series/MYAGM2JPM189S (JP M2) > Friedman was still right. Lots of folks were following Friedman-like ideas in 2010: > We believe the Federal Reserve's large-scale asset purchase plan (so-called "quantitative easing") should be reconsidered and discontinued. We do not believe such a plan is necessary or advisable under current circumstances. The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed's objective of promoting employment. * https://economics21.org/html/open-letter-ben-bernanke-287.html https://economics21.org/html/open-letter-ben-bernanke-287.ht... And nothing happened—just like the Keynesians said. See also 'expansionary austerity' that many right-leaning folks were pushing, which also turned out to be a bust: * https://www.washingtonpost.com/news/wonk/wp/2012/10/12/imf-austerity-is-much-worse-for-the-economy-than-we-thought/ https://www.washingtonpost.com/news/wonk/wp/2012/10/12/imf-a... * https://archive.ph/Efnum https://archive.ph/Efnum * https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Expansionary-Austerity-New-International-Evidence-25021 https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Exp... * https://www.theguardian.com/business/ng-interactive/2015/apr/29/the-austerity-delusion https://www.theguardian.com/business/ng-interactive/2015/apr...