 Current Federal Reserve policy of raising interest rates in order to control inflation. He thought that that was a myth. It didn't have anything to do with the rate of aggregate prices. To say it didn't have anything to do might be a slight overstatement, but his focus was undoubtedly quantity of money. That's the reason why there was inflation. If you want less inflation, you stop the printing presses. You stop increasing the supply of money. It's not a function of interest rates.