"The Role of Monetary Policy", American Economic Review, vol. 58, No. 1 (March 1968) pp. 1-17. Phelps, Edmund S. "The New Microeconomics in Inflation and Unemployment Theory", American Economic Review (May 1969) pp. 147-160. 3  Friedman, Milton and Anna Jacobsen Schwartz. A Monetary History of the United States, 1867-1960. Princeton University Press, Princeton, NJ, 1963. 4  Sims, Christopher A. "Macroeconomics and Reality".
Econometrics, vol. 48, No. 1 (January 1980). pp. 1-48. BIS Review 56/2005  1  Each one of these approaches has proven useful, and their descendants are currently employed in various forms in central banks throughout the world. But as yet, none of these approaches is capable of addressing the full range of policymakers' needs.