"Although there are deep and abiding differences between Chicago school monetarists and Austrian monetary theorists, there has always been strong agreement among them on one thing: the central importance of the money supply in explaining the purchasing power of money or "price level" in the economy.This does not appear to be the case any longer. The June 2004 cover article of Monetary Trends a publication of the St. Louis Federal Reserve Bank, long a staunch bastion of monetarism, is entitled "How Money Matters." A more accurate description of its contents is "Why Money Doesn’t Matter Anymore." The author, William T. Gavin, emphasizes that "money still matters"—just not its quantity."