Conclusion  Monetarism has had a profound influence on prevailing views about what monetary policy is capable of achieving and what monetary policy cannot do. It has helped to forge a consensus that central banks are responsible for preventing sustained inflation, and central banks have generally accepted that responsibility.
Monetarism has not, however, had as great an influence in terms of elevating or even maintaining the role accorded to money in either macroeconomic modeling or monetary policy. Nevertheless, sometimes the pendulum swings too far in one direction or another, only to be corrected  BIS Review 25/2001  13  later.