As already seen, he subscribed to the long-run connection between average money growth and inflation, although some (but not all) nonmonetarist
macroeconomists at the time would have agreed with this secular linkage.
Modigliani, Solow and Tobin chose not to commandeer the movement, and left it to Kareken, Wallace, Chamley, Bryant and others to draw out many of the nonmonetarist
implications then waiting to be exposed." (1996, 545).
Nevertheless, Friedman did not regard activist rules that responded to inflation, nominal income, or nominal income growth as nonmonetarist
. He noted that an implication of his own research was that "monetary policy is an appropriate and proper tool directed at achieving price stability or a desired rate of price change" (Friedman, 1977a, p.
often explain inflation as the result of individual price changes.
This example and many similar ones show that Krugman (2007b) is incorrect to suggest that Friedman's opposition to the Nixon wage/price controls was widely shared by nonmonetarists