Ever since its first issue in 1970, BPEA has played a leading role in the analysis of monetary policy. This paper surveys BPEA’s many contributions to three specific areas: (1) the Phillips curve, which provides the empirical bridge between real economic activity and inflation; (2) the analysis and demise of monetarism, the doctrine that emphasized the money supply over interest rates; and (3) evaluations of and recommendations for actual monetary policy in the United States, which began in the first BPEA issue and continues to this day. BPEA has played a dominant (though not monopoly) role in each of these areas.

中文翻译：

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五十年的 BPEA 和货币政策

自 1970 年首次发行以来，BPEA在货币政策分析中一直发挥着主导作用。本文调查了BPEA对三个特定领域的许多贡献：（1）菲利普斯曲线，它提供了实体经济活动和通货膨胀之间的经验桥梁；（2）货币主义的分析和消亡，强调货币供应量超过利率的学说；(3) 对美国实际货币政策的评估和建议，从第一期BPEA开始，一直持续到今天。BPEA在这些领域都发挥了主导作用（尽管不是垄断性的）。