Bernanke Is A Friedmanite-Not A Keynesian

While Bernanke in his policies is side-stepping the classical Monetarist prescription to stabilize money supply growth at a moderate level (3 to 5%), there is also a strong case for arguing that he is in fact just following the recommendations of Milton Friedman in his book A Monetary History of the United States. See more here.

I have read that book, but it was a few years since I did it, and I don't own any copy of it, but assuming that this description is correct, it would seem that Friedman believed that during circumstances like this, his own money supply rules should be suspended or overshooted. That interpretation is supported by Friedman recommending double digit money supply growth for Japan during the 1990s.