In Prices and Production Hayek actually prescribed that the central bank should stabilize the 'money stream' (in modern terms nominal GDP, or M times V), offsetting a shrinking money supply or rising hoarding—the same advice as Milton Friedman—but Hayek did not follow his own prescription during the Depression, instead harboring a 'fond wish' that a little deflation would break wage/price rigidity, an error he later apologized for and called a pipe dream.