Exactly. And the same thing occurred in the Great Depression. The most respected monetary theories going into the Great Depression were the more progressive price level/NGDP targeting views of people like Fisher, Keynes, Hawtrey, Cassel, Pigou, Hayek, etc. And their predictions of the catastrophic implications of a big drop on the price level and/or NGDP were borne out. And policymakers completely ignored their advice and went with their gut instincts.
It\’s not, in this instance, Keynes or Hayek, it\’s Keynes and Hayek.