The article discusses how central banks control inflation by contrasting two views. One view suggests that central banks need a policy that shapes price setters' expectations to control inflation, while the other view focuses on manipulating the difference between unemployment rates to prevent inflation shocks. The article also explores the Quantity-Theory view of inflation, which emphasizes the importance of real variables in individuals' well-being. The researchers analyze the pre- and post-Volcker periods to compare the effectiveness of different policy procedures in controlling inflation.