Since then, it has been refuted both by political experience and statistical testing. Monetary policy, far from being dissipated in rising prices, as the theory predicted, turned out to have a much greater impact on unemployment than on inflation, especially in the past 20 years.
当费里德曼为将央行职责缩窄为实现通胀目标寻找理论依据时，这一货币主义理论还没有什么实践经验来支撑。自那以后，它同时遭到政治经验和统计检验的驳斥。在货币政策方面也远未如理论预期的那样作用在物价提升之上，反而对失业造成了比通胀更大的影响，特别是在过去的20年内。