----------------- HES POSTING ----------------- In a 1977 paper in the AER, Franco Modigliani wrote: "Milton Friedman was once quoted as saying "We are all Keynesians, now," and I am quite prepared to reciprocate that "we are all monetarists"--if by monetarism is meant assigning to the stock of money a major role in determining output and prices." Franco Modigliani, 1977, "The Monetarist Controversy or, Should We Forsake Stabilization Policies?," American Economic Review, Vol. 67, No. 2.(Mar., 1977), pp. 1-19. Could be the newspaper article someone else mentioned refers to this, could be a coincidence. I'm not sure if this is the earliest case, but it is the earliest one I found so far. Mat Forstater ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]