Miran's Monetarism Revival Could Reshape Fed Policy and Crypto Markets

Former Federal Reserve Governor Stephen Miran has co-authored a research paper arguing that the Fed should pay closer attention to money supply data when making policy decisions. The paper, titled 'A return to monetarism?' and published in July 2026, was written alongside economists Peter Ireland and Nouriel Roubini.

The core argument is deceptively simple: monetary aggregates are better predictors of inflation and economic growth than the Fed has been willing to admit for the past several decades. The paper does not call for a full return to money-supply targeting, but rather advocates for monetary aggregates to play a 'significant role' in policy decisions alongside existing tools.

The authors argue that monetary aggregates had already signaled an excessive stimulus phase in the post-pandemic era, and if policymakers had been watching those signals more closely, they might have tightened sooner and avoided the worst of the inflation surge that followed.

Miran's tenure at the Fed ran from September 2025 to January 2026. The research paper reads less like an academic exercise and more like a policy memo with a wider audience.