More Scott Sumner to Ponder
This is one of his better summaries of his brand of monetarism and how it contrasts with other views. He writes,
Rather than assume current changes in M affect future AD with long and variable lags, I assume current changes in the expected future path of M affect current AD, with almost no lag at all.
But read the whole thing. It’s not my preferred paradigm, but it is a good articulation of his.