Second, taking New Keynesian Models with a minor role for money on board must not mean that we should leave aside other models with a key role for money. On the contrary: The well-established fact that there is a strong relationship between money and inflation at low frequencies urges us not to exclude information from money.
By the way: Even the Bank of England – which since the switch to inflation targeting has been very critical with respect to the usefulness of monetary indicators – now confirms this strong money/inflation relationship.