The eighty odd years since the Great Depression saw a famous rivalry between monetary and fiscal policy for dominance. For at least three decades after the Great Depression, Keynes’ intellectual legacy ruled; governments borrowed as much as they wanted and at the price they wanted without worrying about the implications of debt build-up, and central banks had willy-nilly acquiesced in this profligacy. 32.
This trend began to reverse as a result of very influential work during the 1960s by Milton Friedman and others arguing that inflation is a monetary phenomenon always and  4  BIS central bankers’ speeches  everywhere, and that output gains from debt financed public expenditure will not only be temporary, but also eventually inflationary.