Keynesianism used to be the consensus after WWII. Keynesian economists did, though, lose influence in the 70s due to economic stagflation. The crisis of 2008 a

Keynesianism used to be the consensus after WWII. Keynesian economists did, though, lose influence in the 70s due to economic stagflation. The crisis of 2008 and its response didn't necessarily cause Keynesianism to "switch over" into the mainstream; in fact the reason that the US response to the crisis was to have a stimulus package and quantitative easing was because Keynesianism is and was part of the mainstream. Keynesianism certainly did become more prominent after the crisis. Ben Bernanke, believe it or not, is a monetarist [1]. Monetarist ideas and Keynesian ideas are not necessarily mutually exclusive. [1] http://reason.com/archives/2009/09/01/friedman-economics/ http://reason.com/archives/2009/09/01/friedman-economics/