The article discusses the evolution of monetary theory and policy from 1960 to 2010 in five different periods. Initially, money was seen as crucial for economic growth. Then, the importance of money decreased with the rise of the Keynesian school. Later, the Monetarist school emerged, leading to debates between Keynesians and monetarists. Criticism of Keynesian views increased in the 1970s, followed by the development of new monetary theories in the 1990s. Overall, monetary economics has undergone significant changes over the past five decades, leading to new empirical studies and advancements in understanding the role of money in the economy.