Page "Causes of the Great Depression" Paragraph 14

Monetarist explanations had been rejected in Samuelson's work Economics, writing " Today few economists regard Federal Reserve monetary policy as a panacea for controlling the business cycle.

Purely monetary factors are considered to be as much symptoms as causes, albeit symptoms with aggravating effects that should not be completely neglected.

" According to Keynesian economist, Paul Krugman, the work of Friedman and Schwartz became dominant among mainstream economists by the 1980s but should be reconsidered in light of Japan's Lost Decade of the 1990s.

The role of monetary policy in financial crises is in active debate regarding the 2007 – 2012 global financial crisis ; see Causes of the 2007 – 2012 global financial crisis.