Miles Kimball, Professor of Economics and Survey Research at the University of Michigan, gives a clear summary of Market Monetarism — its strengths and its weaknesses — concluding with these remarks:
Despite the differences I have with the market monetarists, I am impressed with what they have gotten right in clarifying the confusing and disheartening economic situation we have faced ever since the financial crisis triggered by the collapse of Lehman Brothers on September 15, 2008. If market monetarists had been at the helm of central banks around the world at that time, we might have avoided the worst of the worldwide Great Recession. If the Fed and other central banks learn from them, but take what the market monetarists say with a grain of salt, the Fed can not only pull us out of the lingering after-effects of the Great Recession more quickly, but also better avoid or better tame future recessions as well.
Read more at Quartz 21–>Optimal Monetary Policy: Could the Next Big Idea Come from the Blogosphere?.
Maybe we should get the retire Treasurer back, Mr Alan Greenspan, then US would not be in the current situation.