The paper outlines how ideas about monetary policy have changed over time, leading to better economic performance. Key findings include: 1) there's no tradeoff between jobs and inflation in the long run; 2) people's expectations are crucial for monetary policy; 3) high inflation has big costs; 4) monetary policy can be inconsistent over time; 5) independent central banks make monetary policy more effective; and 6) having a strong anchor for prices is key for good monetary policy outcomes.