Yet in recent years, a large and influential body of academic work has disregarded or deemphasised the role of money as a determinant of inflation, even in the long run.
The theory of monetary policy has often focused on the links between the policy-controlled interest rate and the paths of the price level and real output in theoretical frameworks, in which money plays no essential role, if any, in the transmission of the effects of policy and, consequently, in its conduct.